November 2018 Pending Home Sales Index for Ohio

Ed Cyrek, 2019 President, Lorain County Association of REALTORS®

Ed Cyrek 2019 LoCAR President

Ohio REALTORS® report the number of single‐family homes and condominiums put under agreement in November 2018 fell 3 percent from the best‐ever level posted during the month a year ago.

Ohio’s November Pending Home Sales Index of 176.1, a forward‐looking indicator based on contract signings, decreased 3 percent from month’s record‐setting pace set in November 2017 (181.6). Activity in November rose 2.2 percent from the pace of agreements reached in October 2018 (172.3).

“The Ohio housing market is continuing to build a solid foundation, with the pace of purchase contracts recorded in November approaching the best‐ever level ever for the month,” said Ohio REALTORS® 2018 President Tiffany Meyer. “The uptick in contract signings the market experienced from the October level is a clear indication that the desire for homeownership remains strong throughout Ohio.”

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, November’s Index score of 176.1 marks a 76.1 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.

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 are 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.