Home purchase signings in Ohio reach second-best level in August

Ohio REALTORS report the number of single-family homes and condominiums put under agreement in August 2018 decreased 4.5 percent from the month's record-setting level posted a year ago.

Ohio's August Pending Home Sales Index of 154.1, a forward-looking indicator based on contract signings, fell 4.5 percent from best-ever rate attained during the month a year ago (161.5). Activity in August nearly matched the pace of agreements reached in July 2018 (154.8), a marginal 0.4 percent decline.

"Activity within the Ohio housing marketplace was healthy in August, as the number of purchase contracts signed reached the second highest level for the month," said Ohio REALTORS President Tiffany Meyer. "It's evident that the desire for homeownership remains strong throughout the state despite the ongoing challenge of tight inventory levels."

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, August's Index score of 154.1 marks a 54.1 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 33,000 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.