Pending home sales increase in Ohio

Staff report

Columbus

For the 12th-straight month, the number of single-family homes and condominiums under agreement has increased in Ohio compared with the previous year.

Ohio’s April Pending Home Sales Index of 118.6, which is a forward- looking indicator based on contracts signed, went up 22.7 percent from the April 2011 figure, according to the Ohio Association of Realtors.

An index of 100 is equal to the contract activity during 2008.

“The fact that the Ohio housing market has now achieved an entire year of year-over-year gains marks a tremendous milestone for an industry that was so severely impacted by the downturn that wreaked havoc on our nation’s economy starting in 2008,” said OAR President Robert U. Miller.

“The continued uptick in homes put under agreement in April — as well as the 11 preceding months — is a real positive step toward achieving our goal of establishing a growing, sustainable housing marketplace in the Buckeye State.”

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.