Ohio REALTORS reports the number of single-family homes and condominiums put under agreement in January 2018 slowed somewhat, decreasing 3.8 percent from the best-ever level psoted during the month a year ago.
Ohio's January Pending Home Sales Index of 142.4, a forward-looking indicator based on contract signings, fell 3.8 percent from January 2017 (147.9). Activity in January decreased 11.2 percent from the pace of agreements reached in December 2017 (160.3).
"Activity in Ohio's housing market remains strong despite the slower pace of contract signings that occurred in January," said Ohio REALTORS President Tiffany Meyer. "Ohio's REALTOR community is confident that interest in the housing market will continue to build as we move into the traditional spring buying season."
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, January's Index score of 142.4 marks a 42.2 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, buy have yet to close and be recorded as such. Refer to the following reports to view the pending home sales index and methods.
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.
The full release can be viewed here.