Home sales continue downward in January

Homes sales in central Ohio began 2019 much like they ended 2018.

Sales fell 2 percent in January compared with January 2018 and were down nearly 22 percent from December, according to Columbus Realtors trade group data released Thursday.

Sales have been trending lower since last summer, hurt by a combination of low inventory, rising prices and higher interest rates.

Listings, meanwhile, jumped in January, though they still remain low by historical standards.

There were 2,181 central Ohio homes and condominiums added to the market last month, nearly 55 percent more than the previous month and 13.1 percent more than January 2018.

Prices continue to move higher despite weaker sales.

The median price of a home sold in January was $181,500, a 5.2 percent increase from a year ago. The average sale price was $208,512, up 1.3 percent from January 2018.

Despite the bump in inventory last month, supply remains low. It would take about a month and a half to sell all of the homes and condos currently for sale in central Ohio if no more homes were added to the market.

A six-month supply of homes is considered wellbalanced between buyers and sellers.

“Even with a 55 percent increase in homes listed last month, we have strong demand for more homes and condominiums,” Columbus Realtors President John Myers said in a statement.

There were 3,818 homes and condos for sale at the end of January in central Ohio, up 12 percent from last January, but still lower than in any previous year.

Like in central Ohio, sales fell across the state and the country last month, though prices moved higher.

Sales decreased 5.3 percent in Ohio in January from the same period of 2018, according to the statewide Realtors group.

Average sale prices increased 4.5 percent to $167,766.

Nationwide, existing home sales fell 1.2 percent in January, the third straight monthly drop, according to the National Association of Realtors.

Sales of single-family homes, townhouses and condos fell to a seasonally adjusted annual rate of 4.94 million in January, the lowest since November 2015. Sales are down 8.5 percent from January 2018.

Lawrence Yun, the group’s chief economist, said he doesn’t expect the numbers to decline further.

“Existing home sales in January were weak compared to historical norms; however, they are likely to have reached a cyclical low. Moderating home prices combined with gains in household income will boost housing affordability, bringing more buyers to the market in the coming months,” he said in a statement.

Lower mortgage rates in recent weeks should help as well, he said.

The median existinghome price was $247,500 in January, up 2.8 percent from January 2018 and the 83rd straight month of yearover-year gains.

Housing inventory for sale increased to 1.59 million units, a 3.9-month supply.