Mass. Real Estate Market Confidence Rises Again
Realtor confidence in the Massachusetts real estate market rose for the fourth straight month in November compared with the previous November, although prices are still down, according to the Massachusetts Association of Realtors.
The group's Market Index, which measures confidence, was up 36 percent over November 2010. However, the index dipped slightly from October. The November reading of 25.24 still indicates weak conditions in the market since confidence is measured on a 0 to 100 scale, with anything under 50 indicating more weakness than strength.
The Price Index reading of 44.29 for November was down slightly from the November 2010 reading, but up slightly from the October reading of 43.75.
"It makes sense that as the number of sales goes up each month, our members' confidence in the market goes up as well," said MAR President Laurie Cadigan, broker-owner of Barrett & Company in Concord. "Now that Congress has reinstated the increased (Federal Housing Administration) loan limits, we'll see continued growth of the mortgage product in a high-cost state like Massachusetts."
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