December 2018 Pending Home Sales Index for Ohio

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

Ed Cyrek 2019 LoCAR President

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

Specifically, Ohio’s December Pending Home Sales Index of 154.6, a forward‐looking indicator based on contract signings, decreased 3.6 percent from mark posted in December 2017 (160.3). Activity in December decreased 12.2 percent from the pace of agreements reached in November 2018 (176.1).

The Pending Sales Index posted during the fourth quarter 2018 (173.6) tops all quarters reached throughout the year, besting first quarter (143.4), second quarter (164.3) and third quarter activity (164.7). The fourth quarter 2018 pace fell 4.9 percent from the same three‐month period a year ago (182.5).

“The Ohio housing sector displayed tremendous resiliency throughout the year, with activity levels reflective of a traditional marketplace that experiences ebbs and flows,” said Ohio REALTORS President Anjanette Frye. “Ohio’s housing market remains well positioned for would‐be buyers as we enter the new year, with favorable interest rates and stable pricing.

“Ohio’s REALTOR community remains hopeful that the marketplace will see an uptick in homes listed for sale in the coming months, as increased inventory levels will help drive the market forward.”

The rate of homes put under contract reached an annualized level of 159.9 in 2018, a 1.7 decrease from the record rate set a year ago of 162.6.

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 154.6 marks a 54.6 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 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.
Today’s sellers and buyers have a lot of choices when it comes to REALTOR® representation, whether full-service or limited service. Make sure that expectations regarding level of service, communication and representation are agreed upon before selecting a REALTOR®, a member of the Lorain County Association of REALTORS®. 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 more than one million members involved in all aspects of the residential and commercial real estate industries.

The Lorain County Association of REALTORS® offers a website that provides a complete listing of REALTOR® real estate brokerages in Lorain County, contact information for REALTOR® members, and industry associates. If you are a first-time homebuyer or a repeat buyer consider www.MyNewCommunity.net or www.LoCAR.org as a good source for Lorain County REALTOR® information.

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.