September 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 September 2018 fell 3.4 percent from the level posted during the month a year ago.

Ohio’s September Pending Home Sales Index of 169.2, a forward‐looking indicator based on contract signings, decreased 3.4 percent from month’s record‐setting pace set in September 2017 (175.1). Activity in September rose 9.8 percent from the pace of agreements reached in August 2018 (154.1).

The pending sale index posted during the third quarter 2018 (164.7) fell a marginal 0.9 percent from the level posted in the third quarter 2017 (166.3). Activity in the third quarter (164.7) surpassed the level posted in the first and second quarters of 2018, 143.4 and 164.3 respectively.

“The Ohio housing market is continuing to build a solid foundation, with the pace of purchase contracts reached in the third quarter nearly matching the record‐setting level achieved during the three‐month period a year ago,” 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, September’s Index score of 169.2 marks a 69.2 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.

When looking for a home, 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 REALTORS® (OR). 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.