From the Massachusetts Association of Realtors:
“WALTHAM, Mass. – September 9, 2014 – Pending home sales climbed to their highest levels for any August since the Massachusetts Association of REALTORS® (MAR) began tracking homes under agreement in 2004. According to the August Future Indicators Report, there was a 15.7 percent increase in accepted offers compared to the same month the year before. Median price of homes put under agreement also went up, increasing 2.2 percent compared to August 2013.”
But you’re probably wondering: “But we thought home sales were going down in the area?” Well, you’re right. They are indeed going down, most recently in July.
There’s a difference between “pending” and “closed” sales, and that partially, if not largely, explains why MAR’s confidence index of Realtors is down again. Realtors cite tight credit, among other things, for their ebbing confidence and for the difference between pending sales and closed sales.