WALTHAM, Mass. – July 7, 2010 – The Massachusetts Association of REALTORS® (MAR) reported today that the number of single-family homes put under agreement in June were down 16.0 percent over the same time last year, while condominiums were down 21.0 percent. This is the second month in a row that the number of both single-family homes and condominiums put under agreement has decreased compared to the year before.
“June is following the same script as May with pending sales down after the expiration of the tax credit,” said 2010 MAR President Kevin Sears, broker/co-owner of Sears Real Estate in Springfield. “While we can anticipate the number of closed sales in June going up, the summer months will give us a better understanding of where the market is and whether affordable prices and interest rates below the five-percent range will keep the market moving along.”
The number of single-family homes put under agreement in June was down 16.0 percent compared to the same time last year (5,153 homes in 2009 to 4,354 homes in 2010). On a month-to-month basis, single-family homes put under agreement were down 6.6 percent from 4,663 homes in May.
The number of condos put under agreement in June was down 21.0 percent compared to June 2009 (2,127 units in 2009 to 1,689 units in 2010). On a month-to-month basis, condos put under agreement were down 10.8 percent from 1,894 units in May.
About Pending Sales:
The tracking of signed purchase and sales agreements (also called “pending sales”) provide reliable information about where the real estate market is heading in coming months.
A pending sale or a sale “under agreement” is when the buyer and seller agree on the terms of the sale of a home and have a signed purchase and sale agreement, but have yet to close and be recorded as such. MAR is the only organization which compiles this statewide information from Multiple Listing Services each month.
About the Massachusetts Association of REALTORS®:
Organized in 1924, the Massachusetts Association of REALTORS® is a professional trade organization with more than 20,000 members. The term REALTOR® is registered as the exclusive designation of members of the National Association of REALTORS® who subscribe to a strict code of ethics and enjoy continuing education programs.
Editors and reporters: Please note that the term Realtor is properly spelled with an initial capital “R”, per the Associated Press Stylebook.