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Home purchase contract signings in November reach best-ever level, Ohio’s REALTORS report

white houses with red upward arrow

By Carl Horst, OAR Director of Publications/Media Relations

The Ohio Association of REALTORS reports the number of single-family homes and condominiums put under agreement in November 2015 reached a best-ever level for the month, increasing 5.9 percent from the pace set during the month a year ago.

Ohio’s November Pending Home Sales Index of 171.7, a forward-looking indicator based on contract signings, increased 5.9 percent from November 2014 (162.1). Activity in November rose 5.0 percent from the level of agreements reached in October 2015 (163.5).

“The Ohio housing marketplace is continuing to show remarkable resilience, as the number of homes put under contract in November reached an all-time high for the month and marks our 19th consecutive month of year-over-year gains,” said OAR President Greg Hrabcak. “The real estate profession remains hopeful the positive momentum that’s been established across the Ohio market will continue moving 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, November’s Index score of 171.7 marks a 71.7 percent 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.

OAR, the largest professional trade association in the state with more than 29,000 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.

Tags: pending home sales, research