Home Sale’s Slowing Trend Continues

As we start off 2023, the slowing home sale’s trend from the end of 2022 continues.  Homes sales in January 2023 were just over 25% lower than the same month a year earlier. We saw this downward trend begin when the mortgage rates started going up.  This slowdown is being seen all over the state of Ohio.  In Ashtabula and Lake Counties, 324 homes closed in January 2022, that number dropped to 249 in January 2023.

This slowdown of home sales is not just happening in Ohio.  For 12 months, existing home sales have been dropping all around the US.  The home sales in January 2023 were the lowest since October of 2010. The 12 months of dropping home sales is the longest streak since, at least, 1999 when the National Association of Realtors® started taking records.

Unlike most places in the country, Ohio and Lake County saw a drop in home prices from a year ago.  In January 2022, the average sale price was $203,454.  While a year later, in January 2023, the average sale price was $197,369 in Ashtabula and Lake Counties.


Read the Original Article Here: Ohio’s January 2023 Home Sales slow, prices rise

Read the Original Article Here: Existing-Home Sales Fall for the 12th Straight Month in January, Lowest Since 2010