Pending Mass. homes sales up; prices flat
Pending sales of both single-family homes and condominiums in Massachusetts continued their rise in September, as both saw year-over-year increases for the 19th straight month, according to the Massachusetts Association of Realtors (MAR).
The MAR said the number of accepted offers, or homes placed under agreement, rose 22 percent over September 2013. In all, there were 4,901 homes placed under agreement last month, the highest total for any month since the MAR began tracking the data. The number of condominiums placed under agreement rose 13 percent, to 1,858.
Despite the increase in future sales, there was little movement on median selling prices. The median for single-family homes rose only $500, to $325,000, while the condo median stayed around $305,000.
The price data indicates that while sellers are more confident of getting into the market, buyers are tending to hold out for the best possible deal.
“Buyers appear more confident with prices stabilizing and interest rates remaining low – under 4.25 percent in September,” MAR President Peter Ruffini said in a statement.
The increase in inventory and leveling off of prices led to a drop in confidence among MAR members, Ruffini said. The organization’s Confidence Index, an indicator of future activity, fell 14 percent to 54.07 on a 100-point scale (50 is neutral). The price index, meanwhile, dropped 7 percent to 65.37.
The indexes reflect what organization members are seeing in their respective markets, Ruffini said.
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