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.
Like the national housing market, home sales in Cincinnati declined last month. The Cincinnati Area Board of Realtors said closings fell a little more than 7 percent in January compared to a year earlier. It's the first time in more than two years the local market has experienced a drop in closings.
Board president Ken Parchman compares it to the stock market. "Our home sales activity will experience occasional dips as we continue our upward growth," he said in a statement.
For the 26th straight month Cincinnati homes sales have continued to climb. In August they were up 24% when compared to the same month last year. President of the Cincinnati Area Board of Realtors Kevin Kelly says, "Our local housing market is very active and properties that are in good condition and are prices right seem to be selling quickly."