The Ohio Association of REALTORS reports the number of single-family homes and condominiums put under agreement in October increased 12.2 percent from the level posted during the month a year ago.
The rate of purchase contract signings in October dipped a slight 1.5 percent from the pace recorded in September 2014.
Ohio’s October Pending Home Sales Index of 156.9, a forward-looking indicator based on contract signings, increased 12.2 percent from October 2013 (139.8). Activity in October declined 1.5 percent from the pace of agreements reached in September 2014 (159.2).
“Ohio’s housing marketplace is continuing to build momentum, as the number of homes put under contract in October reached an all-time high for the month and achieved the sixth consecutive month of year-over-year gains,” said OAR President Chris Hall. “The industry is hopeful that we’ll continue to build upon the solid foundation that’s been established during the first 10 months as we move forward.”
Compared to 2008, a historically healthy market that marked the end of five consecutive record years for existing home sales and the onset of the recession, October’s Index score of 156.9 marks a 56.9 increase.
A pending sale or a sale “under agreement” is when the buyer and seller agree on terms of the sale of a home and have a signed purchase and sale agreement, but have yet to close and be recorded as such. Click here to view the pending home sales index and methods.
OAR, the largest professional trade association in the state with more than 27,000 members, is the only organization that compiles this state wide information from selected Multiple Listing Services each month. The tracking of “pending sales” provides reliable information about where the market is heading in coming months.