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Massachusetts pending home sales rose sharply in April, MAR says

There were 5,948 single-family Massachusetts homes put under agreement in April, up 32.8 percent on a year-to-year comparison basis, the Massachusetts Association of Realtors, or MAR, said Tuesday.

That was the most homes that have gone under agreement in any month since the association began tracking data in January 2004, the association said in a press release.

Also last month, pending sales for Massachusetts condominium hit their second highest point, the association said.

“Buyers came out in force to make offers on the limited number of homes for sale in April,” association president Kimberly Allard-Moccia said in a statement. “While the activity is positive, we need more homes on the market to make sure prices don’t spike up too quickly, and as a result, push people out of the market because of the high cost of homes.”


The association’s pending sales analysis counts homes that have been put under agreement but are not yet completed sales. Often six weeks can elapse between the time a home is put under agreement and the time that the sale closes. In general, economists look at closed home sales when they seek to evaluate the condition of the market, but those data points can be several weeks old. According to the association, pending sales can sometimes give more of a real-time indication of where the housing market might be heading.

The association’s pending sales report may be another sign that a recovery is under way in the local housing market. A story in Tuesday’s Globe noted that the foreclosure crisis in Massachusetts appears to have run its course.

Chris Reidy can be reached at reidy@globe.com.