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Pending Home Sales in Ohio on the Upswing
COLUMBUS, Ohio -- The number of single-family homes and condominiums put under agreement in May in Ohio rose from the level posted a month earlier as well as compared to the same period a year ago. The May Pending Home Sales Index of 147.8, a forward-looking indicator based on contract signings, increased 4% from May of last year.
Activity jumped 9% from the April level, which was the fourth consecutive month-over-month gain in contract signings, reports the Ohio Association of Realtors.
“The uptick in home purchase contracts entered into in May provides a solid foundation for stable, sustainable and growing Ohio housing marketplace moving forward,” said Chris Hall, president of the association. “While inventory levels of homes being marketed remains tight across Ohio, the upswing in sales contracts reached last month is a clear indication that there’s a strong demand for properly priced homes.”
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, the May index of 147.8 marks an increase of 47.8.
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 signed a purchase/sale agreement, but have yet to close and be recorded as such.
Published by The Business Journal, Youngstown, Ohio.
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