Mass. Pending Home Sales Rise in July

August 12, 2016 GMT

A Sun Staff Report

WALTHAM -- Pending sales of single-family homes in Massachusetts rose for the 40th time in the past 41 months in July.

According to the Massachusetts Association of Realtors, 5,863 single-family homes came under agreement in the Bay State last month, up 8.5 percent from the 5,406 pending sales recorded in July 2015.

The median price for homes under agreement last month was $379,000, up 4.1 percent from the year-ago median of $364,000.

“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 MAR President Annie Blatz, branch executive at Kinlin Grover Real Estate on Cape Cod, in a statement. “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.”

Pending sales of condominiums also rose last month.

MAR reported that 2,082 condos came under agreement last month, up 6.5 percent from the 1,955 pending sales recorded in the same month a year earlier.

The median price for condos that came under agreement last month was $360,000, up 5.9 percent from the $340,000 median of a year ago.

A pending sale, or a sale “under agreement,” occurs when a buyer and seller agree on 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. Real-estate pros say the tracking of signed purchase-and-sales agreements provides reliable information about where the real-estate market is heading in coming months.

Monthly pending and closed sales data comes from three Realtor-affiliated multiple listing services in Massachusetts -- the Berkshire County Multiple Listing Service, Cape Cod & Islands Association of Realtors Multiple Listing Service Inc., and MLS Property Information Network Inc.