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Level of Ohio pending home sales at five-year high


Pending home sales in Ohio rose in June for the 26th consecutive month, compared with the same month the year before, the trade group Ohio Association of Realtors said Monday.

An index measuring contract signings on the purchase of a new home reached a five-year high last month, according to the state realtors association.

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. When the deal closes, the home will be counted as sold.

The Ohio June Pending Home Sales Index is 137.9. It rose 13.4 percent from the June 2012 index score of 121.6, the realtors group said.

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.

So the June 2013 pending sales index of 137.9 marks a 37.9 percent increase from the benchmark June 2008 index of 100.

The rise in homes put under contract in June bodes well for closings in July and August.


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