Pending Home Sales in Ohio Climb in March
COLUMBUS, Ohio -- The number of single-family houses and condominiums put under agreement in Ohio in March rose for the 23rd consecutive month, the Ohio Association of Realtors announced Monday.
The Realtors’ Pending Home Sales Index of 134.6, a forward-looking indicator based on contract signings, rose 10.8% from the March 2012 index of 121.4.
“With each passing month, it’s becoming more evident that the Ohio housing marketplace is making significant progress in its ongoing recovery from the economic collapse that shook the very foundation of the American Dream,” said Thomas J. Williams, president of the Ohio Association of Realtors, in a prepared statement.
An reading of 100 on the index is equal to the average level of contract activity during 2008, which marked the end of five consecutive record years for existing house sales and the onset of the recession, Williams noted. Activity levels in 2008 reflect a historically healthy, balanced market.
The Realtors’ March pending sales index of 134.6 marks a 34.6% increase from the benchmark March 2008 index of 100. Additionally, the latest results also better the indices posted during the month in 2009 (87.1), 2010 (117.9) and in 2011 (105.7).
A pending sale or a sale “under agreement” occurs when the buyer and seller agree on terms of the sale of a residence and have a signed purchase and sale agreement, but have yet to close and have it recorded.
Published by The Business Journal, Youngstown, Ohio.
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