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Pending home sales rise again

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An index that measures pending home sales in Ohio rose in May for the 25th consecutive month, a state realtors association said.

Ohio’s May Pending Home Sales Index of 145.6, a forward-looking indicator based on contract signings, rose 20.1 percent from the May 2012 index score of 121.2, the Ohio Association of Realtors said Thursday.

“With each passing month, we’re continuing to make steady, significant progress in rebuilding a solid foundation for stable, growing housing marketplace in Ohio,” said association President Thomas J. Williams in a statement. “It’s evident that buyers are not only confident that homeownership is a wise, long-term investment, but are eager to take advantage of the ideal conditions that exist in today’s marketplace with favorable pricing and low interest rates.”

An index of 100 is equal to the average level of contract activity during 2008, which marked the end of five consecutive record years for existing home sales and the onset of the recession. Activity levels in 2008 are reflective of a historically healthy, balanced market.

The May 2013 pending sales index of 145.6 marks a 45.6 percent increase from the benchmark May 2008 index of 100. Additionally, the current results also best the PHSI marks posted during the month in Ohio in 2009 (89.0), 2010 (70.4) and in 2011 (101.8).

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.

 

Dayton Daily News 6/27/2013