Once again, home sales in Ohio dipped as prices climbed in January.
That's according to the Ohio Association of Realtors' monthly report on new- and existing-home sales, which is based on data from multiple listing services across the state. Sales were down 5% last month from January 2018 as average sales price increased 4.5% over that time period, according to the group's latest report.
"The start of a new year shows Ohio's housing sector showing positive gains [in] pricing and a pace of sales reflective of a traditional marketplace, one that exhibits ebbs and flows," said Anjanette Frye, president of the statewide association, in a statement.
Fourteen of the 18 markets captured in the report posted average sale-price increases over last January, while only five of those markets saw an annualized increase in sales activity. Across Ohio, the average sales price for a home rose to $167,766, up from $160,501 the same month the year before.
The trends were similar in Northeast Ohio last month, but price gains were higher and sales did not drop as sharply. The average sales price for a home in the region rose 9% over January 2018, to $162,941, The Plain Dealer reported earlier this month. Meanwhile, sales were down about 1.4% year over year.
Nationally, January home sales dipped 1.2% from December and 8.5% from last January, while the median, or middle, home price was up 2.8% from January 2018, according to the National Association of Realtors, which only tracks sales of existing homes.
NAR notes that this is the third consecutive month home sales have declined, and that out of the country's four major regions, only the Northeast experienced an increase in sales activity last month. January marked the 83rd consecutive month of year-over-year price gains, NAR reported.
Although sales trended downward, NAR chief economist Lawrence Yun said he does not expect further dips in the coming months.
"Existing home sales in January were weak compared to historical norms; however, they are likely to have reached a cyclical low," he said in a statement. "Moderating home prices combined with gains in household income will boost housing affordability, bringing more buyers to the market in the coming months."
The U.S. housing market has long struggled with inventory, meaning there aren't enough homes on the market to keep up with demand. January saw some modest improvement in this area, with inventory up over both January and December 2018. Still, the lack of housing stock remains a challenge, according to NAR.
"In particular, the lower end of the market is experiencing a greater shortage, and more home construction is needed," Yun said.
In the Midwest, existing-home sales were down 2.5% from December and 7.9% from a year prior. The median price in the Midwest was $189,700, up 1.4% from the previous January.
