The Massachusetts Association of REALTORS® (MAR) today announced that after 16 straight months of annual increases, the June REALTOR® Market Index (RMI) is down for the first time since February 2009. Despite the drop, the June REALTOR® Price Index was up compared to the same time last year.
An excerpt from the MAR web site:
“The combination of the post-tax credit lull and buyers who may have moved up their plans for a summertime purchase to take advantage of the tax credit which expired in April, is having an impact on how REALTORS® are feeling about the current market as reflected in the low Market Index number,” said 2010 MAR President Kevin Sears, broker/co-owner of Sears Real Estate in Springfield. “Despite this combination of events, REALTORS® do see home prices starting to move up over the next 12 months, which indicates to me that members believe the market will continue to improve.”
Cheer up Realtors it could be worse.