June 2018 Pending Home Sales Index for Ohio

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

Janet Beane 2018 LoCAR President

Ohio REALTORS® report the number of single‐family homes and condominiums put under agreement in June 2018 increased 1.8 percent from the level posted during the month a year ago.

Ohio’s June Pending Home Sales Index of 166.5, a forward‐looking indicator based on contract signings, increased 1.8 percent from June 2017 (163.5). Activity in June fell 1.4 percent from the pace of agreements reached in May 2018 (168.9).

The pending sale index posted during the second quarter 2018 (164.3) rose 1.5 percent from the level posted in the second quarter 2017 (161.9). Activity in the second quarter bests the level posted in the first quarter 2018 (143.4) by 14.6 percent.

“The Ohio housing market 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 the rate of signings during the second quarter reached a best‐ever level,” said Ohio REALTORS President Tiffany Meyer. “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 166.5 marks a 66.5 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.

Remember, Home Ownership Matters. Members of the Lorain County Association of REALTORS® care about the community in which they live, work and support.

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.