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August 12, 2014

Despite record sales, Mass. Realtors cautious

Even as pending home sales across the state climbed to their highest level for July since The Massachusetts Association of Realtors (MAR) began tracking homes under agreement in 2004, confidence among its members did not keep up.

The MAR said the number of Massachusetts single-family homes placed under agreement – indicating they could be sold in the next two to three months – increased 17 percent from 4,554 in July 2013 to 5,339. Meanwhile, the number of condominiums placed under agreement rose 9.9 percent, from 1,862 to 2,046, the highest number of condos put under agreement since 2005.

However, while more homes are coming under agreement, a lack of deals that are actually closing has dampened the confidence of realtors.

July marked the ninth consecutive mark the MAR’s measurement of the market confidence of its more than 19,000 has fallen, dropping 11 percent from 71 in July 2013 to 64 (out of 100).

“Pending sales continue to go up, but closed sales haven’t follow suit as keeping deals together can be challenging,” MAR President Peter Ruffini said in a statement. “This is having a little bit of a negative impact on the overall feeling about the market.”

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