Ohio REALTORS reports the number of single-family homes and condominiums put under agreement in March 2018 declined a slight 0.6 percent from the level posted during the month a year ago.
Ohio's March Pending Home Sales Index of 159.8, a forward-looking indicator based on contract signings, fell a negligible 0.6 percent from March 2017 (160.8). Activity in March rose 11 percent from the pace of agreements reached in February 2018 (144.0).
The pending sale index posted during the first quarter 2018 (143.4) decreased 3.3 percent from the level posted during first quarter 2017 (148.3).
"The outlook for the Ohio housing market remains bright, as the number of homes put under contract in March nearly kept pace with activity during the month a year ago," said Ohio REALTORS President Tiffany Meyer. "The marketplace experienced a significant rise in activity from February levels, an indication that the desire for homeownership remains strong throughout Ohio as we enter the traditional spring home 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, March's Index score of 159.8 marks a 59.8 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.