Pending home sales rise nearly 10 percent


More Ohioans signed contracts to buy homes in August, an indicator that homes sales will remain strong, a statewide real estate agent association said Thursday.

Ohio’s August Pending Home Sales Index of 133.1, a forward-looking indicator based on contract signings, rose 9.9 percent from the August 2012 index score of 121.1, the Ohio Association of Realtors reported Thursday.

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. Activity levels in 2008 are reflective of a historically healthy, balanced market, the association said.

“Our August 2013 pending sales index of 133.1 marks a 33.1 percent increase from the benchmark August 2008 index of 100. Additionally, the current result is an improvement from the … marks posted during the month in Ohio in 2009 (94.1), 2010 (77.3) and in 2011 (104.7),” the association said.

Nationwide, fewer Americans signed contracts to buy U.S. homes in August, the third straight decline. The drop could mean that higher mortgage rates are starting to deter some buyers.

The National Association of Realtors said Thursday that its seasonally adjusted index for pending home sales declined 1.6 percent to 107.7 last month. The index has fallen for three straight months after reaching a 6 ½-year high in May.

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 and be recorded as such. Buyers typically complete sales one to two months later.


Reader Comments ...


Next Up in Business

Chipotle food issues: Does your local restaurant have violations?
Chipotle food issues: Does your local restaurant have violations?

Chipotle’s stock has taken a hit this week following foodborne illness issues at a restaurant in Virginia and a report of rodents scurrying around one of their restaurants in Texas. Chipotle executives told Business Insider that the chain temporarily closed a restaurant in Sterling, Va., after a small number of customers reported symptoms like...
Air Force awards big contract to UDRI
Air Force awards big contract to UDRI

The University of Dayton Research Institute has received a seven-year, $43 million Air Force contract to develop nonmetal materials for airplanes, spacecraft and ground vehicles. Researchers at UDRI’s campus and at the Air Force Research Laboratory at Wright-Patterson Air Force Base will investigate adhesives, sealants, elastomers, textiles,...
Bacon cravings push pork prices higher
Bacon cravings push pork prices higher

Your love of bacon is causing pork-belly prices to reach record highs. As more and more people reach for a pack of bacon at the grocery store, pig farmers are struggling to keep up the demand, according to a report from the Wall Street Journal. Pork-belly, the part of the hog used to make bacon, have risen around 80 percent in 2017. Americans bought...
Ohio unemployment rate ticks up
Ohio unemployment rate ticks up

Ohio’s unemployment rate rose slightly in June, back up to 5 percent from 4.9 percent in May. The number of unemployed in the state has gradually risen by about 10,000 people in the past year, even as the state added 56,800 jobs from June 2016 to June 2017. Non-agricultural wage and salary employment increased 11,500 over the month, to 5,528...
NASCAR’s Petty helps open Spectrum
NASCAR’s Petty helps open Spectrum

Although the Spectrum Brands Global Auto Care center in Dayton has been preparing, packaging and shipping products for months, it got an official opening Thursday, with a little help from some friends — including a NASCAR legend. Richard Petty has been associated with STP gas and oil treatment products for some 46 years. “I’ve followed...
More Stories