Mass. home sale agreements continue climbing
Courtesy American Advisors Group via Flickr
The Massachusetts Association of Realtors reported July pending sales of single-family homes were up 8.5 percent versus a year before and condominium sales were up 6.5 percent.
Median prices were up by slightly lower amounts, with single-family homes going for $379,000 and condos going for $360,000. Those are both more than five times the recent median annual income for Bay Staters, which in 2014 reached $69,160.
The association celebrated the strength of the market, which has seen increases in pending sales of single-family homes for 40 out of the last 41 months.
"Historically, the summer tends to be a time when summer vacation and beach days take the place of home buying, but that’s not the case this year," said Annie Blatz, branch executive at Kinlin Grover Real Estate on Cape Cod and the president of the Massachusetts Association of Realtors. "Even with all the heat and burnt-out lawns because of water bans, buyers were in the market putting their best offers forward and having them accepted in record numbers for July."
The current Massachusetts realty market is much larger than it was in 2012 when the unemployment rate was also more than two percentage points higher.
The 5,863 pending single-family home sales last month is nearly 25 percent higher than the 4,709 homes sold four years ago, while the 2,082 pending condo sales is about 15 percent higher than condos sold in 2012, according to a realtors release from that time.
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