Pending Massachusetts home sales rose in November
Pending sales for both Massachusetts single-family homes and condominiums rose in November on a year-to-year basis, the 19th straight month of increases, the Massachusetts Association of Realtors said Tuesday.
The number of single-family homes put under agreement in November was 3,866 homes, up 28.2 percent from the same month a year ago, the association said in a press release.
Last month, 1,438 condos were put under agreement in the Bay State, up 28.5 percent from a year ago.
The association’s pending sales analysis counts homes that have been put under agreement but are not yet completed sales. Often six weeks can elapse between the time a home is put under agreement and the time that the sale closes. In general, economists look at closed home sales when they seek to evaluate the condition of the market, but those data points can be several weeks old. According to the association, pending sales can sometimes give more of a real-time indication of where the housing market might be heading.
In a statement, association president Trisha McCarthy said, “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.”
October is the most recent month for which there is data for completed home sales in Massachusetts.
In October, buyers purchased more than 4,000 single-family homes in Massachusetts last month, pushing the number of statewide sales for first 10 months of 2012 above the total for all of last year, according to the Warren Group, a Boston-based real estate tracking company.Chris Reidy can be reached at email@example.com.