Sales of homes rise 17th-straight month

Staff report

COLUMBUS

The Ohio Association of Realtors reports that the number of single-family homes and condominiums put under agreement in September rose for the 17th consecutive month compared to the previous year.

“The Ohio housing market continues to steadily make gains in its recovery efforts from the economic challenges that confronted the sector four-plus years ago,” said Robert U. Miller, president of the association. “The fact that the number of homes put under contract in September increased for the 17th-straight month is a clear indication that we’re making progress in establishing a solid foundation for a stable, sustainable and growing housing market throughout the Buckeye State.”

Ohio’s September pending home-sales-index score was 128.5. The index is a forward-looking indicator based on contracts signed. It rose 12.2 percent from the September 2011 score of 114.5.

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.

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.