Pending single-family home sales rose modestly in stormy Feb., Mass. Association of Realtors said
The number of Massachusetts single-family homes put under agreement in February edged up slightly on a year-to-year comparison basis, the Massachusetts Association of Realtors said Tuesday.
Stormy weather and a comparatively small number of homes for sale may have been factors behind such a modest gain, the association said in a press release.
According to the association, 3,075 homes in the Bay State were put under agreement last month, up 1.1 percent from the number in February 2012; last month was the 22nd straight month of year-over-year gains for single-family homes.
Condo activity was more dramatic. The number of condos put under agreement in February was up 11.9 percent when compared with February 2012.
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.
Massachusetts Association of Realtors president-elect Peter Ruffini commented on February’s pending sales report in a statement.
“While we were still in positive territory, the combination of low inventory and several weekends snow storms, including a blizzard, kept buyer activity relatively minimal in February,” Ruffini said. “After a ‘non-winter’ in 2012, the fact that pending home sales were still up in February is a good sign for the market.”Chris Reidy can be reached at email@example.com.