Ohio marketplace achieves record-breaking level of home purchase contract signings in November
On December 27, 2017
By Carl Horst, Ohio REALTORS Director of Publications/Media Relations
Ohio REALTORS reports the number of single-family homes and condominiums put under agreement in November 2017 reached a best-ever level for the month, increasing 1.8 percent from the level posted during the month a year ago.
Ohio’s November Pending Home Sales Index of 183.1, a forward-looking indicator based on contract signings, increased 1.8 percent from November 2016 (179.8). Activity in November rose 0.3 percent from the pace of agreements reached in October 2017 (182.5).
“Across Ohio, consumers are continuing to display a strong interest in making a housing move,” said Ohio REALTORS President Pete Kopf. “The number of homes put under contract in November not only surpassed the best-ever mark for the month, it reached an all-time high for any month.
“The real estate profession is hopeful that we’ll continue to build upon the positive momentum that’s been established moving forward.”
The October 2017 results (182.5) previously served as the best all-time month, since the organization began tracking pending sales in 2008.
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 183.1 marks an 83.1 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.
Ohio REALTORS, the largest professional trade association in the state with more than 32,000 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