Nov. home sales continue to improve

WARREN – The number of single-family homes and condominiums sold across the state in November rose for the 19th consecutive month compared to the prior year, according to the Ohio Association of Realtors.

“The Ohio housing marketplace is continuing its remarkable turnaround from the challenges presented by the economic downturn of a few years ago,” said Robert U. Miller, president of the Ohio Association of Realtors.

The growth, Miller said, is a clear indication of progress toward ”a stable, sustainable and growing housing market throughout the Buckeye State.”

Ohio’s October Pending Home Sales Index of 154.9, a forward-looking indicator based on contract signings, rose 14 percent from the November 2011 index score of 135.9.

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. November 2012 pending sales index of 154.9 marks a 54.9 percent increase from the benchmark November 2008 index of 100. Additionally, the current results also best the PHSI marks posted during the month in Ohio in 2009 (109.0) and 2010 (101.8).

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.