Ohio housing market posts best-ever level of home purchase agreements reached in May

Neighborhoods

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 May 2015 increased 6.3 percent from the level posted during the month a year ago.

The rate of purchase contract signings in May fell a slight 1.2 percent from the market’s April 2015 pace.

Ohio’s May Pending Home Sales Index of 156.3, a forward-looking indicator based on contract signings, increased 6.3 percent from May 2014 (147.1). Activity in May decreased 1.2 percent from the pace of agreements reached in April (158.2).

“The Ohio housing marketplace is continuing to steadily exhibit signs of improvement, as our May pending sales index reached a best-ever level for the month,” said OAR President Greg Hrabcak. “Additionally, the Ohio market has now tallied 13 consecutive months of year-over-year gains in agreements reached.”

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, May’s Index score of 156.3 marks a 56.3 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 28,000 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, People Revolution, research

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