Pending home sales post 12th consecutive month of gains statewide

The number of single-family home listings put under agreement in May grew once again compared to the same time one year earlier, according to a statewide report from the Massachusetts Association of Realtors.

That marks 12 consecutive months of year-over-year gains in this forward-looking market indicator, and hints at continued strength across the housing market of Massachusetts. Pending single-family home sales grew 6.3 percent in May compared to the same month a year ago.

The median sales price on those contracts ($420,000) was 3.7 percent higher on an annual basis as well. Pending condo sales also grew statewide last month, but at a slower rate of 2.4 percent.

The median price of those under-contract condos rose faster, to $415,000, a year-over-year increase of 7.5 percent. “Once again, we saw the historically low number of homes for sale push median prices up,” said Anne Meczywor, president of MAR, in a news release on the pending sales data. Low supply and strong demand has been cited as a key contributor to rapid home price growth over the last several years.

MAR’s pending sales report also polled Realtors on questions related to future price expectations, sales prospects and client sentiment. According to responses from MAR members, most

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Article From: "Andrew Morrell"   Read full article

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