Homes put under agreement up for the 19th straight month
WALTHAM, Mass. – December 11, 2012 – The Massachusetts Association of REALTORS® (MAR) reported today that pending home sales for both single-family homes and condominiums went up for the 19th straight month in November compared to the year before. Pending sales figures (also called homes under agreement) are a leading indicator of actual housing sales in Massachusetts for the following 2-3 months.
“In spite of the election in early November and continual talk since then of the ‘fiscal cliff’, buyers maintained optimism and continued making offers to purchase homes,” said 2012 MAR President Trisha McCarthy, broker at Keller Williams Realty in Newburyport. “We are encouraging our members and all homeowners to ask Congress to keep the Mortgage Interest Deduction intact, so that the housing recovery can continue at this healthy pace.”
The number of single-family homes put under agreement in November was up 28.2 percent compared to the same time last year (*3,016 homes in 2011 to 3,866 homes in 2012). This is the 19th straight month of year-over-year increases and the 11th straight month of year-over-year increases that are over 25 percent. On a month-to-month basis, single-family homes put under agreement went down 11 percent compared to 4,355 homes put under agreement in October.
The number of condos put under agreement in November was up 28.5 percent compared to November 2011 (*1,119 units in 2011 to 1,438 units in 2012). This is the tenth straight month of year-over-year increases of 25 percent or more. On a month-to-month basis, condos put under agreement went down 14 percent from 1,672 units in October.
About Pending Sales:
The tracking of signed purchase and sales agreements (also called “pending sales”) provide reliable information about where the real estate market is heading in coming months.
A pending sale or a sale “under agreement” is when the buyer and seller agree on the terms of the sale of a home and have a signed purchase and sale agreement, but have yet to close and be recorded as such. MAR is the only organization which compiles this statewide information from Multiple Listing Services each month.
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