February 2017 Pending Home Sales Index for Ohio
Chad Schneider, 2017 President, Lorain County Association of REALTORS®
Ohio’s February Pending Home Sales Index of 144.3, a forward‐looking indicator based on contract signings, declined 2.9 percent from February 2016 (148.6). Activity in February decreased a marginal 1.2 percent from the pace of agreements reached in January 2017 (146.0). (Note: February 2016 included one additional day, as it was a leap year.)
“The outlook for the Ohio housing market remains upbeat, as a near record number of homes were put under contract in February,” said OAR President Pete Kopf. “Activity fell slightly from the best‐ever results posted during the month a year ago and in January 2017.
“Ohio’s REALTOR community understands that the foundation of our marketplace is strong and able to withstand the traditional monthly ebbs and flows that occur,” Kopf added. “We look forward to continuing the momentum that has been established as we move into the traditional spring buying season.”
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, February’s Index score of 144.3 marks a 44.3 increase.
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. Refer to the following report to view the pending home sales index and methods.
OAR, the largest professional trade association in the state with more than 30,000 members, is the only organization that compiles this state wide information from selected Multiple Listing Services each month. The tracking of “pending sales” provides reliable information about where the market is heading in coming months.
If you are thinking about buying or selling a home, contact a REALTOR® today. Members of the Lorain County Association of REALTORS® care about the community in which they live, work and support. Lorain County offers a wide variety of housing choices.
Do your research and take advantage of the many housing opportunities right here in Lorain County. We are fortunate to live in a region with such vast offerings. From big to small, country to city... it's available in Lorain County! Our proximity to highway and freeway access provides great commute options both east and west! Contact your LoCAR REALTOR® member today.
The Lorain County Association of REALTORS® is an industry trade association representing licensed real estate sales agents in Lorain County who are members of the National Association of Realtors® (NAR) and the Ohio Association of REALTORS® (OAR). As members of NAR these licensed real estate agents have earned the REALTOR® designation and they pledge to protect the rights of homeownership and conduct their real estate business abiding by the NAR Code of Ethics.
The Lorain County Association of REALTORS® is excited partner with Lorain County Habitat for Humanity® to provide a charity golf outing that will assist Habitat’s work. Habitat for Humanity is a nonprofit ecumenical Christian housing ministry seeking to eliminate poverty housing and homelessness throughout Lorain County and is an affiliate of Habitat for Humanity International, a worldwide ministry supported by the National Association of REALTORS®. This charity golf outing will be held on June 12, 2017 at Avon Oaks Country Club which is a private golf club located in Avon. Your involvement provides a great opportunity for your company to receive community exposure and help to support a very worthwhile cause. If you are interested in golfing or sponsorship, please email: Contact@LoCAR.org.
The Lorain County Association of REALTORS® is one of more than 1,200 local boards and associations of REALTORS® nationwide that comprise the National Association of REALTORS®. The National Association of REALTORS®, “The Voice for Real Estate,” is America’s largest trade association, representing nearly one million members involved in all aspects of the residential and commercial real estate industries.
REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict Code of Ethics. Not all real estate sales agents are REALTORS®. All REALTORS® are members of NAR along with their State and Local Association.