An index that measures pending home sales in Ohio rose 10.5 percent in September, increasing for the 29th consecutive month from the year before, and serving as an indicator of still-strong home sales as the year goes on.
The Ohio Association of Realtors said Monday that the Pending Home Sales Index rose to 141.9 in September, compared to a September 2012 index score of 128.5.
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 September, including single family homes and condominiums, bodes well for closings in October and November.