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June 12, 2012

Mass. Pending Home Sales Keep Rising

The number of single-family homes and condominiums placed under sales agreement rose in May for the 13th straight month in Massachusetts, indicating rising sales activity in the real estate market, the state's realtors group said today.

Pending sales are a leading indicator of actual housing sales for the following two to three months, the Massachusetts Association of Realtors (MAR) said.

The MAR said the number of homes places under agreement surpassed the 5,000 mark for the first time since the organization began tracking the data in January 2009. "This is excellent news for the market … as closed sales should also continue to go up," MAR President Trisha McCarthy said. "Buyer confidence will remain the determining factor in how the market performs in the second half of the year."

The number of single-family homes put under agreement in May was up 32 percent compared to May 2011 (5,267, up from 3,986). The number was also up 10 percent from April (4,784 homes).

The number of condominiums put under agreement in May rose 35.5 percent compared to May 2011 (2,216 units, up from 1,636). Month to month, pending condo sales were up 18 percent.

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