Home sales continue to rise in Ohio. The Ohio Association of Realtors reports home sales in the state rose for the 22nd consecutive month in February. Home sale contracts increased by 12.4% compared to February a year ago.
Ali Whitley immediate past president of the Akron Area Board Of Realtors tells AkronNewsNow there's a lot of renewed confidence in the housing market right now. " The competition is out there right now because the buyers are looking for good homes to purchase and move right into and when we see a home that comes on the market, and is in good condition and priced right, it's snapped up fairly quickly."
Whitley says several factors are driving the sales surge, along with pent-up demand.
" Some people were holding back and deciding not to purchase at that time, and now people are becoming more confident, and they want to get in while the prices are still low, and we have affordable rates," says Whitley.
She's expecting home sales this year to surpass 2012's total in the Akron area.
News Release From The Ohio Association Of Realtors
The Ohio Association of Realtors reports that the number of single-family homes and condominiums put under agreement in February rose for the 22nd consecutive month compared to the results from the prior year.
”The trend lines for the Ohio housing sector are extremely positive and reflective of a marketplace that is making significant strides in its on-going recovery effort,” said OAR President Thomas J. Williams. “Throughout the state, buyers are looking to take advantage of favorable conditions – from historic low interest rates to attractive pricing – and helping to establish a solid foundation for a stable, sustainable and growing housing market going forward.”
Ohio’s February Pending Home Sales Index of 117.6, a forward-looking indicator based on contract signings, rose 12.4 percent from the February 2012 index score of 104.6.
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. Our February 2013 pending sales index of 117.6 marks a 17.6 percent increase from the benchmark February 2008 index of 100. Additionally, the current results also best the PHSI marks posted during the month in Ohio in 2009 (73.2), 2010 (84.5) and in 2011 (82.6).
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.