Scott is closely monitoring the renovation market — and there are signs of stabilization, he reports.

The Harvard University Joint Center for Housing Studies’s most recent report also showed signs of stabilization in Massachusetts.

In some ways, the renovation market is a better barometer of activity in Boston area compared with new-home sales data. The reason: There’s simply not as much space in Massachusetts to build new homes.

The hunch here is that there may be an increases in local housing sales due to low prices and mortgage rates, as well as the $8,000 tax credit. But a lot of people are holding off on post-purchase renovations until the economy substantially improves.

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