Pending Sales of Houses, Condos Drop in Ohio
COLUMBUS, Ohio -- The number of single-family houses and condominiums put under agreement dropped in February, the Ohio Association of Realtors announced Thursday. Extreme weather throughout the month hurt contract signings.
“The frigid temperatures and significant snowfall Ohio experienced in February had a significant impact on deterring potential buyers from house hunting,” said Chris Hall, president of the Ohio Realtors. “Additionally, it’s become evident over recent months that our housing market is becoming more balanced, experiencing variances in activity based on current conditions.”
Ohio’s February pending home sales index of 104.1, a forward-looking indicator based on contract signings, fell 10.9% from February of last year (116.8) and 7.4% from last month (112.4). The February index did match the month’s 2012 score of 104.2.
Compared to 2008, a historically healthy market that marked the end of five consecutive record years for sales of existing houses and the onset of the recession, February’s index score of 104.1 marks a 4.1% increase.
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 be recorded as such.
Published by The Business Journal, Youngstown, Ohio.
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