Mass. Pending Home Sales Down Sharply
After suffering a third consecutive month of declines in pending single-family home sales in July, the Massachusetts Association of Realtors is ready to admit that the market's spring strength was built on the federal homebuyers tax credit.
Pending sales of single-family homes declined 18 percent in July compared to the same month a year ago. Pending condo sales were down 28 percent, according to MAR.
The number of single-family homes put under contract in July was down 7 percent from June. Condo sales were down 13 percent from June.
The federal tax credit for homebuyers expired at the end of April. Pending sales have been falling ever since.
"It is pretty clear now that the tax credit encouraged buyers who were in the market to act prior to the April deadline," MAR said.
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