The number of single-family homes and condominiums put under agreement in Massachusetts was up in July, the 15th straight month that the number of single-family homes and condominiums put under agreement increased compared to the same time the year before, according to data released on Tuesday by the Massachusetts Association of Realtors. Pending figures are a leading indicator of actual housing sales in Massachusetts for the following 2-3 months.
“With another pending sales increase in July, our confidence that the market is getting closer to recovery also increases,” said association president Trisha McCarthy, a broker at Keller Williams Realty in Newburyport. “The significant boost in homes put under agreement compared to last year means closed sales should continue to remain positive through the fall.”
The number of single-family homes put under agreement in July, 4,694, was up 33.6 percent compared to the same time last year when 3,514 homes were put under agreement in the same period.
The number of condos put under agreement in July, 1,752, was up 30 percent compared to July, 2011 when 1,349 units were put under agreement. On a month-to-month basis, condos put under agreement were down 11.8 percent from 1,986 units in June. This is the 2nd straight month of month-to-month declines.
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.