Hard winter affects Ohio housing sales
Ohio Association of Realtors information
The Ohio Association of Realtors reports the number of single-family homes and condominiums put under agreement dropped in February, as extreme weather conditions throughout the month negatively affected contract signings.
“The frigid temperatures and significant snowfall Ohio experienced in February had a significant impact on deterring potential buyers from house hunting,” said OAR President Chris Hall. “Additionally, it’s become evident over recent months that our housing market is becoming more balanced, experiencing variances in activity based on current conditions.”
Ohio’s February Pending Home Sales Index of 104.1, a forward-looking indicator based on contract signings, fell 10.9 percent from February of last year (116.8) and 7.4 percent from last month (112.4). The February Index did match the month’s 2012 score of 104.2.
Compared to 2008, a historically healthy market that marked the end of five consecutive record years for existing home sales and the onset of the recession, February’s Index score of 104.1 marks a 4.1 increase.
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. Refer to the attached report to view the pending home sales index and methods.
OAR, the largest professional trade association in the state with more than 26,000 members, is the only organization that compiles this statewide information from selected Multiple Listing Services each month. The tracking of “pending sales” provides reliable information about where the market is heading in coming months.