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Recent Housing Data News Releases

June Future Indicators Report: Pending Home Sales Up as Price and Market Confidence Indexes Down

by Eric Berman | Jul 15, 2014

WALTHAM, Mass. July 15, 2014 – The Massachusetts Association of REALTORS® (MAR) announced the results of its June 2014 Future Indicators Report. The June report found that pending home sales for single-family homes had its biggest June since MAR began tracking pending home sales in January 2004. Buyers also pushed condominium pending sales up again in June compared to the same month in 2013.  The REALTOR® Market and Price Confidence Indexes decreased compared to last year, but continue to remain in the positive range.


June Pending Sales

Single-Family

June 2014

June 2013

%Change

Sales

6,253

5,221

+19.8%

Median Price

$365,000

$351,000

+4.0%

  • 16th straight month of single-family year-over-year increases.
  • The most homes put under agreement in June since MAR has been tracking this data.

Condominium

June 2014

June 2013

%Change

Sales

2,382

2,105

+13.2%

Median Price

$330,000

$320,000

+3.1%


  • The most number of condos put under agreement in June since 2005 when 2,587 units were put under agreement. 
“June capped off a very lively spring for pending home sales in Massachusetts,” said 2014 MAR President-Elect Corinne Fitzgerald, broker/owner of Fitzgerald Real Estate in Greenfield. “This activity should act as another positive sign for homeowners who want to sell, but who have been holding off. With the inventory still low, sellers-to-be would be in a good position to enter the market.”
  • REALTOR® Market and Price Confidence Indexes:

    Confidence Index

    June 2014

    June 2013

    %Change

    Market

    63.89

    76.40

    -16%

    Price

    74.60

    75.00

    -0.5%

     

  • The eighth straight month that the RMCI has gone down
  • The fifth straight month that the RMCI has been over the 60-point mark.
  • The 16th straight month the RPCI was over the 70-point mark.
  • Measured on a 100-point scale, a score of 50 is the midpoint between a “strong” (100 points) and a “weak” (0 points) market condition.    

“While the REALTOR® Market Confidence Index continues to be in the positive range, the market needs an infusion of homes for sale to push that number back up to where it’s been in the past,” said Fitzgerald.

About the Data Sets:
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.

Monthly pending (or under agreement) data and closed sales data comes from the three REALTOR®-affiliated Multiple Listing Services in Massachusetts. They are the Berkshire County Multiple Listing Service, Cape Cod & Islands Association of REALTORS® Multiple Listing Service, Inc.; and MLS Property Information Network, Inc. The data is compiled by 10K Research and Marketing, Inc. and updated each month. As a result, previous data may change after the reports have been run.


The REALTOR® Index Methodology -
The Massachusetts REALTOR® Market Confidence Index (RMCI) and Price Confidence Index (RPCI) are based on monthly responses from a random sampling of Massachusetts Association of REALTORS® members on the state of the housing market.  More specifically, the survey asks members two basic questions pertaining to the real estate business in their market area in Massachusetts.

  1. How would you describe the current housing market?
  2. What are your expectations of home prices over the next year?

In addition to these standard questions, the survey each month includes one wildcard question that changes each month and is based on an industry hot topic.

The RMCI is calculated in the following way.  Respondents indicate whether conditions are, or are expected to be “strong” (100 points), “moderate” (50 points), and “weak” (0 points).  The results are the average score for each question.  A score of 50 is the threshold between a “strong” and a “weak” condition.  Similarly, the question about home prices over the next year (REALTOR® Price Confidence Index) is calculated using five categories: “Rise 0-5%” (75 points), “Rise 5%+” (100 points), “Level” (50 points), “Fall 0-5%” (25 points), and “Fall >5%” (0 points).

About the Massachusetts Association of REALTORS®: 
Organized in 1924, the Massachusetts Association of REALTORS® is a professional trade organization with more than 19,000+ 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.

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Editors and reporters: Please note that the term Realtor is properly spelled with an initial capital “R”, per the Associated Press Stylebook.