December 2017 Pending Home Sales Index for Ohio

Janet Beane, 2018 President, Lorain County Association of Realtors®

Janet Beane 2018 LoCAR President

Ohio REALTORS® reports the number of single‐family homes and condominiums put under agreement in December 2017 reached a best‐ever level for the month, increasing a slight 0.1 percent from the level posted during the month a year ago.

Ohio’s December Pending Home Sales Index of 163.5, a forward‐looking indicator based on contract signings, increased 0.1 percent from December 2016 (163.4). Activity in December decreased 10.7 percent from the record pace of agreements reached in November 2017 (183.1).

The Pending Sales Index posted during the fourth quarter 2017 (186.4) tops all quarters reached throughout 2017, besting first quarter (147.3), second quarter (160.4) and third quarter activity (169.0). The fourth quarter 2017 pace reached the highest index for all quarters since Ohio REALTORS® began recording statewide data in 2008.

“The Ohio housing market is continuing to display tremendous resiliency, as the number of homes put under contract in December reached an all‐time high for the month,” said Ohio REALTORS® President Tiffany Meyer. “Ohio’s REALTOR® community helped a record‐setting number of consumers navigate through the complexities of the home buying process in 2017 and, as a result, helped strengthen communities across the Buckeye State.”

The rate of homes put under contract reached a record annualized level in 2017 of 162.8, a 0.5 increase from the previous high set a year earlier of 162.0.

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 163.5 marks a 63.5 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. 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 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.

When the time comes to make the American Dream of homeownership a reality, make sure you utilize the expertise of a professional—a REALTOR® member of the Lorain County Association of REALTORS®. Worldwide technology and data exchange is a great tool, but you still need the expertise and local knowledge of a REALTOR®.

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 more than one million members involved in all aspects of the residential and commercial real estate industries.

Remember, home ownership matters. Do your internet research and work with your “partner” in your search for that special home: Your partner … your REALTOR®.

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 Associations.