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Pending home sales reach five-year high


An index that measures pending home sales in Ohio reached a five-year high last month, rising in concert with the strength of home sales.

But that was not true nationwide. The number of Americans who signed contracts to buy homes dipped in June from a six-year high in May.

The Ohio Association of Realtors said Monday that the Pending Home Sales Index rose to 137.9 in June. That represents a 13.4 percent increase the from June 2012 index score of 121.6, the association said.

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

The National Association of Realtors said Monday that its index for pending home sales ticked down 0.4 percent to 110.9 in June. The May reading was revised lower by a percentage point to 111.3, but it was still the highest since December 2006.

The slight decline suggests higher mortgage rates may be starting to slow sales. Still, signed contracts are 10.9 percent higher than they were a year ago. There is generally a one- to two-month lag between a signed contract and a completed sale.

 


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