Mass. Realtors: Pending Home Sales Hit Record
Pending home sales in Massachusetts reached their highest monthly point in more than nine years in April, in spite of a limited inventory of available properties, the Massachusetts Association of Realtors (MAR) said.
The number of single-family homes places under agreement last month was up 32.8 percent compared with April 2012: 5,948 homes, up from 4,478. This was the most homes placed under agreement in any month since the MAR began tracking this data in January 2004, the association said. It was also the largest monthly year-over-year increase since April 2010, the final month buyers could take advantage of an $8,000 federal tax credit for first-time home buyers.
Pending sales figures are a leading indicator of actual housing sales in Massachusetts for the following three months.
"Buyers came out in force to make offers on the limited number of homes for sale in April," said MAR President Kimberly Allard-Moccia. "While the activity is positive, we need more homes on the market to make sure prices don't spike up too quickly."
There was also more robust activity in the market for condominiums, the MAR said. The number of condos placed under agreement in April soared 37.4 percent over April 2012, marking the second busiest month for pending condominium deals since March 2005.
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