February 2018 Pending Home Sales

Ohio REALTORS reports the number of single-family homes and condominiums put under agreement in February 2018 decreased a marginal 0.8 percent from the rate posted during the month a year ago.

Ohio's February Pending Home Sales Index of 144.0, a forward-looking indicator based on contract signings, fell 0.8 percent from February 2017 (145.1). Activity in February rose 1.2 percent from the pace of agreements reached in January 2018 (142.4).

"The outlook for the Ohio housing market remains positive, as the number of homes put under contract in February nearly kept pace with activity levels posted a year ago," said Ohio REALTORS President Tiffany Meyer. "Ohio's REALTOR community understands that the foundation of our marketplace is strong and able to withstand the traditional monthly ebbs and flows that occur.

"We look forward to continuing to build on the momentum that has been established 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, February's Index score of 144.0 marks a 44 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, 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.

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