(Feb. 25, 2009) Home sales declined in January as economic pressures continue to affect central Ohio. There were 266 fewer homes sold last month versus January 2008.

"Homes sold in January were a direct reflection of those that went into contract in November and December and we saw those numbers decrease for a variety of reasons," said Gary Parsons, president of the Columbus Board of REALTORS®. 

"The holiday season, economic and credit concerns, and low consumer confidence all contributed to January sales figures."

"However, with the recent passage of an $8,000 first-time homebuyer tax credit, low interest rates and incredible affordability, I'm hopeful buyers will answer the door when opportunity knocks," Parsons said.

The winter months are typically the slowest for home sales.

"As we get closer to spring, I think consumer confidence, like the weather, will start to improve," Parsons said.

He points to figures showing more than 1,000 homes went into contract in January, an indication that sales will begin to increase.

"Last month the number of homes for sale was down 17.4 percent from January 2008, a sign that inventory levels are continuing to equalize," Parsons said.

Fewer homes on the market will help balance supply and demand, leading to increased sales prices.

The average sale price of a home in January was $137,446.