Massachusetts Association of Realtors (MAR) reported today that pending home sales in October experienced their second biggest year-over-year increase since MAR began tracking the data five years ago.
Condominium pending sales have also gone up significantly compared with the year before. Pending sales figures, also called homes under agreement, are a leading indicator of actual housing sales in Massachusetts for the following two to three months.
"Although there was the potential for buyers to delay their purchase of a home until after the election, pending home sales had its largest year-over-year increase since April 2010, which was the final month to qualify for the home buyer tax credit," 2012 MAR President Trisha McCarthy, broker at Keller Williams Realty in Newburyport, said in a statement. "This increase heightens the probability that the market will remain strong through the remainder of the year and into 2013."
The number of single-family homes put under agreement in October was up 35.9 percent to 4,355 homes from 3,204 homes in the same period last year.This is the 18th straight month of year-over-year increases and the second largest year-over-year increase since the association started tracking pending sales data in June 2007.
This is theÂ 10th straight month of double-digit year-over-year increases. On a month-to-month basis, single-family homes put under agreement went up 6.45 percent comparedÂ with 4,091 homes put under agreement in September.
The number of condos put under agreement in October was up 43.5 percent tp 1,673 units from 1,166 units in October 2011.Â This is the 11th straight month of double-digit year-over-year increases. On a month-to-month basis, condos put under agreement went up 6.56 percent from 1,570 units in September.Â