Ohio home, condo sales increase

The Ohio Association of Realtors reports the number of single-family homes and condominiums put under agreement in June 2016 reached a best-ever level for the month, increasing 3.3 percent from the level posted during the month a year ago.

Ohio’s June Pending Home Sales Index of 160.5, a forward-looking indicator based on contract signings, increased 3.3 percent from June 2015 (155.3). Activity in June nearly matched the pace of agreements reached in May 2016 (161.4).

The pending sale index posted during the second quarter 2016 (161.2) reached a best-ever for the three month period – since OAR began collecting data in 2008 – increasing 4.8 percent from the level posted in second quarter 2015 (153.7). Activity in the second quarter bests the level posted in first quarter 2016 (154.1) by 4.6 percent.

“The Ohio housing marketplace is continuing to exhibit tremendous strength, as the number of homes put under contract in June reached an all-time high for the month and marks our 26th consecutive monthly year-over-year gain,” said OAR President Sara Calo. “The industry remains hopeful that we’ll see an uptick in the number of homes being marketed for sale so that the marketplace will be able to maintain the positive level of sales activity as we move forward.”

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, June’s Index score of 160.5 marks a 60.5 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.