An index that measures pending home sales in Ohio fell by less than 1 percent in October from the same month a year ago, the Ohio Association of Realtors said Monday.
Ohio’s October Pending Home Sales Index of 139.7, an indicator based on contract signings, fell from the October 2012 index score of 140, according to the trade group.
“The number of home purchase contracts entered into in October nearly mirrored our results from a year ago, an indication that the Ohio marketplace has begun to stabilize following a stretch of 29 consecutive months of year-over-year gains,” said Thomas Williams, president of the state realtors group, in a statement.
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 October, including single family homes and condominiums, serves as an indication of the number of closings to expect in November and December.