Decline In Existing Home Sales

Mar 21, 2014



Sales of existing homes fell last month on the local, state and national levels.

And as in January, the industry blames bad winter weather and tight supplies. Alison Holm reports.

The National Association of Realtors says existing U.S. home sales fell for the sixth time in the last seven months. Sales fell by four-tenths of a percent from January to a seasonally adjusted annual rate of 4.6 million  - the lowest pace since July 2012. The industry group blames the freezing February temperatures and snowstorms that likely kept many buyers from visiting open houses. It also blames a tight supply of homes and and higher mortgage rates that have weighed on sales since last fall. The Ohio Association of Realtors says existing home sales statewide fell by 4.3 percent from January, with bad weather being blamed for the decline. The Columbus Realtors trade association says more than 14 hundred existing homes were sold in its multi-county region last month, down from more than 13 hundred in January and down from more than 17 hundred in December. The statewide average sale price was more than 130 thousand dollars last month, up 4 percent from January. In central Ohio, the average price was more than 164-thousand dollars, up by roughly 6 thousand from January.