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Pending home sales and prices continue upward trajectory in Massachusetts

by Stephanie Sims and Natalie Terchek

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The Massachusetts real estate market isn’t falling victim to the annual slowdown typically experienced in the fall and winter, with a new report showing that both pending home sales and home prices increased in November.

The number of pending sales last month increased 12.6 percent from November 2016 to 4,359, according to the Massachusetts Association of Realtors. Pending sales in the state have increased for 11 of the past 12 months.

Meanwhile, the median home price also increased last month to $385,000, a 4.3 percent increase from the median of $369,000 in November 2016.

“Buyers showed us that they’re still interested in buying homes this fall, despite rising prices,” said 2017 MAR President Paul Yorkis. “We just need the inventory to meet that demand so more individuals and families can have their offers accepted.”

These positive trends in the market are having a measurable impact on Realtors, whose confidence in the market in November was up 20 percent from the same month last year, according to MAR.

“Realtors are especially confident in the market coming out of a very busy year,” Yorkis said. “Prices remain high, but the demand seems promising enough to carry that momentum into the winter.”

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