An index that measures pending home sales in Ohio fell by less than 1 percent in November from the same month a year ago, the Ohio Association of Realtors said Monday.
It was the second consecutive month that the index score leveled, rather than increased year-over-year.
Ohio’s November Pending Home Sales Index of 154.6, an indicator based on contract signings, fell from the November 2012 index score of 154.9, according to the trade group.
“The number of home purchase contracts that were reached in November leveled from a year ago, a clear indication the Ohio marketplace has not only stabilized but will experience ebbs and flows in activity on a monthly basis moving forward,” said Thomas Williams, president of the state realtors group, in a statement with the release.
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.
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.
The number of homes put under contract in November, including single family homes and condominiums, serves as an indication of the number of closings to expect in December and January.