Pending Home Sales End The Year Down
Despite ending the year on a positive note with an eighth consecutive month of year-over-year rises in pending single-family home sales, the total number of homes put under agreement in 2011 was down 1.9 percent compared to 2010, according to the Massachusetts Association of Realtors.
There were 46,477 homes put under agreement in 2011, compared with 47,384 in 2010.
The condominium market experienced a 20 percent drop in sales in 2011 compared to 2010.
December, however, continued a trend in year-over-year monthly increases in pending home sales. There were 3,227 homes put under agreement in December 2011, an 11.7 percent jump compared to 2010 figures from the same month. But the statistic is down from 3,580 homes put under agreement in November, 2011.
A home sale is labeled as "pending" when a buyer and seller agree to terms, but the transaction is not finalized.
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