April home sale prices dip first time since 2013
Why it matters: It's been over a decade since sale prices last dropped year-over-year in April, typically considered the kickoff of homebuying season and when prices start to climb.
While 1% might sound like a small decrease, local buyers will take any victory in this hot and hectic housing market.
It still equals thousands of dollars saved over the length of a mortgage, when considering interest.
The big picture: Just 12 of the 50 largest U.S. metros saw prices dip in April compared to a year ago, according to Redfin.
Columbus was the only Midwest city to experience a decline.
Cleveland prices increased nearly 12% and Cincinnati prices increased 6%.
Zoom in: From 2014-2024, year-over-year April increases in Columbus ranged 4%-17%.
This year's drop and steadily increasing inventory suggest our sizzling housing market may be cooling off a bit, as sellers are starting to outpace buyers.
Reality check: April 2025's median sale price in Central Ohio ($337,000) is still 53% higher than before the pandemic ($220,000 in April 2019).
That and mortgage rates are sidelining many potential homebuyers, especially first-timers.
New data from JPMorganChase show the lack of affordable housing disproportionately impacts Columbus' lower-income areas.
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