FOR IMMEDIATE RELEASE
TO: All News Media
FROM: Anjanette Frye, Ohio REALTORS President, 937.609.4281
Carl Horst, Ohio REALTORS Vice President, External Affairs, 614.225.6205
RE: December 2018 Pending Home Sales Index for Ohio
DATE: December 30, 2018
Ohio REALTORS reports the number of single‐family homes and condominiums put under
agreement in December 2018 fell from the best‐ever level posted during the month a year
ago.
Specifically, Ohio’s December Pending Home Sales Index of 154.6, a forward‐looking
indicator based on contract signings, decreased 3.6 percent from mark
posted in December 2017 (160.3). Activity in December decreased 12.2 percent from the pace of agreements
reached in November 2018 (176.1).
The Pending Sales Index posted during the fourth quarter 2018 (173.6) tops all quarters reached throughout
the year, besting first quarter (143.4), second quarter (164.3) and third quarter activity (164.7). The fourth
quarter 2018 pace fell 4.9 percent from the same three‐month period a year ago (182.5).
“The Ohio housing sector displayed tremendous resiliency throughout the year, with activity levels reflective
of a traditional marketplace that experiences ebbs and flows,” said Ohio REALTORS President Anjanette Frye.
“Ohio’s housing market remains well positioned for would‐be buyers as we enter the new year, with
favorable interest rates and stable pricing.
“Ohio’s REALTOR community remains hopeful that the marketplace will see an uptick in homes listed for sale
in the coming months, as increased inventory levels will help drive the market forward.”
The rate of homes put under contract reached an annualized level of 159.9 in 2018, a 1.7 decrease from the
record rate set a year ago of 162.6.
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, December’s Index score of 154.6 marks a 54.6 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. Refer
to the following report to view the pending home sales index and methods.
Ohio REALTORS, the largest professional trade association in the state with more than 33,000 members, is
the only organization that compiles this statewide 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 number of homes sold across Ohio in September increased 12 percent from level reached a year ago, the market's 13th consecutive monthly year-over-year gain, according to the Ohio Association of REALTORS. Sales activity in September rose 1 percent from the level posted in August 2015.

"Through the three‐quarter mark of 2015 the Ohio housing market has been able to display continued strength in the overall level of sales activity, along with healthy growth in pricing," said OAR President Greg Hrabcak. "It's evident we're continuing to make significant progress in reestablishing a solid foundation for the state's housing sector.

"Sales during the month were our strongest since September 2005, an indication that the interest in attaining the dream of home ownership remains strong among Ohioans."

September's average home price of $156,811 shows a 3.5 percent increase from the $151,491 mark posted during the month last year.

Sales in September reached a seasonally adjusted annual rate of 148,028, a 12 percent increase from the 132,194 level posted in September 2014. The market experienced a 1 percent rise in sales activity from the August 2015 seasonally adjusted annual rate of 146,577.

Around the state, 15 of the 18 markets tracked reported increases in sales activity levels during the month compared to September 2014. The average sale price increased in nine local markets.

Home sales during the third quarter of 2015 were up 17.1 percent from same period a year ago. Specifically, third quarter 2015's seasonally adjusted annual rate reached 148,678, compared to 126,938 during the three‐month period a year ago. Sales during the third quarter also eclipsed the mark posted during the first (127,746) and second (140,413) quarters of 2015. Third quarter 2015 dollar volume of $6.9 billion is up 15.1 percent from the same period last year.

Data provided to OAR by Multiple Listing Services includes residential closings for new and existing single‐family homes and condominiums/co‐ops. The Ohio Association of REALTORS®, with more than 28,000 members, is the largest professional trade association in Ohio. The methods addressing OAR's reporting of home sales activity is available at www.ohiorealtors.org.

Although the Congressional Recess doesn't technically begin until the conclusion of the Republican and Democratic Conventions, Government Affairs has compiled talking points for use in meetings with Senators and Members of Congress.

The following links will open the Talking Points:

2016 Summer Recess Talking Points all three issues in one file

http://www.narfocus.com/billdatabase/clientfiles/172/10/2717.pdf

2016 Summer Recess Talking Point Single Issue: Tax

http://www.narfocus.com/billdatabase/clientfiles/172/10/2621.pdf

2016 Summer Recess Talking Point Single Issue: Housing

http://www.narfocus.com/billdatabase/clientfiles/172/10/2715.pdf

2016 Summer Recess Talking Point Single Issue: Insurance

http://www.narfocus.com/billdatabase/clientfiles/172/10/2716.pdf

You can either click on the link or copy and paste the URL into your web browser. If you have any questions please contact NAR's Government Affairs Communications Director John DiBiase 202-383-1037 or This email address is being protected from spambots. You need JavaScript enabled to view it.

The Ohio Association of REALTORS reports the number of single‐family homes and condominiums put under agreement in July 2015 reached a best‐ever level for the month, increasing 8.5 percent from the pace set during the month a year ago.

 

The rate of purchase contract signings in July nearly mirrored the market’s June 2015 index.

 

Ohio’s July Pending Home Sales Index of 152.6, a forward‐looking indicator based on contract signings, increased 8.5 percent from July 2014 (140.7). Activity in July fell a slight 0.7 percent from the level of agreements reached in June 2015 (153.6).

 

“Activity in the Ohio housing marketplace remains robust, as the number of homes put under contract in July reached an all‐time high for the month and marks our 15th consecutive month of year‐over‐year gains,” said OAR President Greg Hrabcak. “Ohioans – through the first seven months of the year – are remarkably bullish on making their housing dreams a reality.”

 

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, July’s Index score of 152.6 marks a 52.6 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.  Refer to the following page to view the pending home sales index and methods.

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.

Ohio Association of REALTORS®

Ohio Pending Home Sales Index July  2015

Index*

   

Seasonally Adjusted

Not Seasonally

Year

Month

Annual Rate

Adjusted

2014

Jul

140.7

139.3

2014

Aug

141.3

138.9

2014

Sep

157.4

160.4

2014

Oct

154.4

157.1

2014

Nov

162.1

168.1

2014

Dec

147.2

146.0

2015

Jan

136.7

126.9

2015

Feb

127.9

119.2

2015

Mar

153.3

156.8

2015

Apr

158.2

155.3

2015

May

156.3

154.4

2015

Jun

153.6

162.9

2015

Jul

152.6

151.1

% change last month:

‐0.7%

 

% change last year:

Year‐end

8.5%

8.5%

2013

134.7

134.7

2014

140.9

150.0

2015 p

151.2

163.8

*The Pending Home Sales Index (PHSI) provides advanced information on future home‐sales activity. Specifically, pending home sales become existing‐home sales one‐to‐two months later so the PHSI can be used to predict actual home sales activity. The index is based on a sampling of Multiple Listing Service pending sales activity in Ohio, typically representing slightly above or slightly below 68 percent of transactions for existing‐home sales. The index is seasonally adjusted to smooth out fluctuations that typically exist from month to month. To create the index, current pending home sales are compared to pending home sales in 2008. 2008 is used as a base year because it marks the end of five consecutive record years for existing home sales and the onset of the recession. 2008 home sales activity coincides with a level that is historically healthy. A PHSI score of 100 is equal to the average level of contract activity during 2008.

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