Pending home sales were up again in March
The number of Massachusetts single-family homes put under agreement in March was up 27 percent over the same time last year, while condominiums were up 38 percent, the Massachusetts Association of Realtors said.
March was the ninth straight month that pending sales gone up when compared to the same month a year ago, the association said.
According to the association, pending sales can be a leading indicator of where the local housing is heading. A better measure, of course, is completed sales. March figures for completed sales are set to be released later this month.
Completed sales figures for February had many local real estate agents hopeful but wary - wary because a federal home buyer's tax credit is set to expire later this year and wary because of concerns that interest rates will rise, a recent Globe story noted.
Tthe tax credit and low interest rates are among the factors credited with giving the housing market a boost.
Today's release on pending March sales included a statement from Kevin Sears, president of the Massachusetts Association of Realtors.
"It appears that the record rains in March didn’t keep buyers from taking advantage of the market conditions and making offers on homes," Sears said. "Whether the rain will impact how many of these deals close is still a question, but the buyers are out there and that is a good sign for the market."
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