FOR IMMEDIATE RELEASE
TO: All News Media
RE: May 2018 Pending Home Sales Index for Ohio
FROM: Tiffany Meyer, Ohio REALTORS President
Carl Horst, Ohio REALTORS Director of Publications/Media Relations, 614.225.6205
DATE: June 27, 2018
Ohio REALTORS report the number of single-family homes and condominiums put under agreement in May 2018 increased 2.7 percent from the level posted during the month a year ago.
Ohio’s May Pending Home Sales Index of 168.9, a forward-looking indicator based on contract signings, increased 2.7 percent from May 2017 (164.4). Activity in May rose 4.1 percent from the pace of agreements reached in April 2018 (162.2).
“Activity within the Ohio housing marketplace began to heat up in May, as the number of purchase contracts signed reached a best-ever 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, May’s Index score of 168.9 marks a 68.9 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. 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 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.
Ohio REALTORS Communications Group