COLUMBUS, Ohio -- The number of single-family homes and condominiums put under agreement in November rose 5.1% from the level posted during the month a year ago, the Ohio Association of Realtors reports. The rate of purchase contract signings in November was up 13.3% from the pace recorded in October 2014.

Pending home sales in the state during November, based on contract signings, increased 5.1% from November 2013. Activity in November jumped 13.3% from the pace of agreements reached in October 2014.

A sale under agreement, also known as a pending sale, 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 a sale.

“The Ohio housing marketplace is continuing to make significant progress, evidenced by the number of homes put under contract reaching an all-time high -- not just in November but for all months during the six years that Ohio’s Realtor organization has been tracking pending sales,” said Chris Hall, OAR president. “The real estate profession is hopeful that that momentum that been built throughout the first 11 months will continue as we move forward.”

Published by The Business Journal, Youngstown, Ohio.
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