Existing home sales rose in January in the U.S., but fell in the central Ohio region. Jim Letizia reports.
The National Association of Realtors says existing home sales rose by four-tenths of a point last month to a seasonally adjusted annual rate of 5.47 million. The trade group says it is a sign that demand is strong amid signs of slower overall economic growth. Job growth and low mortgage rates have fueled demand, but fewer properties are coming onto the U.S. market, causing prices to eclipse wage growth and capping the potential for sales to rise further. The Columbus Realtors trade association says more than 15 hundred existing homes were sold in its multi-county region in January, down 30 percent from December. The association blames an increase in the number of homes added to the market. The Ohio Association of Realtors says existing home sales fell by 7 percent from December, which follows the usual winter pattern. Sales remained strong compared to last January, continuing a trend of year-over-year gains. The median price for an existing U.S. home was nearly 214 thousand dollars, a decline of 10 thousand from December. Statewide, the median price was 229 thousand dollars, down nearly 78 thousand from December. And the regional *average* price was nearly 185 thousand, an increase of three-tenths of a point from the previous month.
