Spring sales season ends with a fizzle
With a big boost from the home buyer tax credit, Greater Boston home sales went into overdrive in March and April.
Sellers got cocky and misguided buyers, chasing that $8,000 tax credit, too often let themselves get sucked into bidding wars.
But the last two months have been a brutal reality check for the real estate market, both here and across the country.
Pending home sales fell steeply in June for the second month in a row, dropping 16 percent from June 2009. That comes after a 30 percent plunge in May, the Massachusetts Association of Realtors reports
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Pending condo sales were down even more steeply, falling 21 percent in June.
Where do we go from here? With unsold homes piling up and sales activity falling, it will be interesting to see if the double dip in prices finally kicks into high gear.
For sellers, it could be one very long summer.
