Home sales cool in February
You can blame the winter weather for last month's slowdown in the housing market. Home sales in Ohio were off 4.3 percent compared to a year ago when the weather wasn't as harsh. It was the second consecutive month statewide closings dropped.
“A survey of the state’s real estate professionals conducted during the month found that two-thirds of respondents indicated that the cold, snowy conditions resulted in a marked decline in home buying activity," said Chris Hall, president of the Ohio Association of Realtors, in a statement.
Hall notes the statewide marketplace as a whole is becoming more balanced following a 30-month streak of gains. He said the ongoing stabilization will result in traditional ebbs and flows in activity.
The Cincinnati Area Board of Realtors is reporting a drop of 3.3 percent. Closings year to date are down a little more than 5 percent, but Ken Parchman, CABR president, remains optimistic as warmer weather approaches.
“Despite the winter weather, home sales have been brisk for this time of year,” Parchman said in a statement. "Sales are comparable to a year ago and we are looking forward to a very active spring market."
The Northern Kentucky Association of Realtors reports a one percent decline from a year ago, but notes year-to-date closings are up about 7 percent. NKAR said 441 homes went under contract last month, which it called "a clear indication that even bad weather can't keep some home buyers and investors out of the market."