August 2018 Pending Home Sales Index for Ohio

Ohio REALTORS® report the number of singlefamily homes and condominiums put under agreement in August decreased 4.5 percent from the month’s record-setting level posted a year ago.

Ohio’s August Pending Home Sales Index of 154.1, a forward-looking indicator based on contract signings, fell 4.5 percent from best-ever rate attained during the month a year ago (161.5). Activity in August nearly matched the pace of agreements reached in July 2018 (154.8), a marginal 0.4 percent decline.

“Activity within the Ohio housing marketplace was healthy in August, as the number of purchase contracts signed reached the second highest 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, August’s Index score of 154.1 marks a 54.1 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 33,000 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.

If you are thinking about buying or selling a home, contact a REALTOR® today. Members of the Lorain County Association of REALTORS® care about the community in which they live, work and support.

Do your research and take advantage of the many housing opportunities right here in Lorain County. We are fortunate to live in a region with such vast offerings. From big to small, country to city... it’s available in Lorain County! Our proximity to highway and freeway access provides great commute options both east and west! Contact your LoCAR REALTOR® member today.

The Lorain County Association of REALTORS® is an industry trade association representing licensed real estate sales agents in Lorain County who are members of the National Association of Realtors® (NAR) and the Ohio Association of REALTORS® (OAR). As members of NAR these licensed real estate agents have earned the REALTOR® designation and they pledge to protect the rights of homeownership and conduct their real estate business abiding by the NAR Code of Ethics.

The Lorain County Association of REALTORS® is one of more than 1,200 local boards and associations of REALTORS® nationwide that comprise the National Association of REALTORS®. The National Association of REALTORS®, “The Voice for Real Estate,” is America’s largest trade association, representing nearly one million members involved in all aspects of the residential and commercial real estate industries.

REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict Code of Ethics. Not all real estate sales agents are REALTORS®. All REALTORS® are members of NAR along with their State and Local Association.

Janet Beane