Pending home and condo sales grow in July

by Andrew Morrell

Pending home sales posted their 12 consecutive month of gains across Massachusetts, according to the latest monthly report from the Massachusetts Association of Realtors. With 5,793 single-family sales under contract as of July 31, pending sales were up 9.4 percent from the same time last year. The median price on those pending sales was also up 3.5 percent year-over-year, to $424,900.

Statewide condo sales are expected to grow as well. Pending sales for the condo market grew 4.1 percent, although prices were essentially unchanged from last year at $399,000.

“The market continued to be all about buyer demand in July as once again homes put under agreement went up,” said MAR President Anne Meczywor. “Prices are still near historic highs and there is a good chance they’ll remain there through the fall.”

When asked about their feelings on the local housing market in the coming year, MAR members agreed with Meczywor’s thesis on prices. The price component of MAR’s Market Confidence Index grew 1.9 percent to 66.31, indicating more members believe prices will keep rising over the next 12 months. However, the index’s market confidence component ticked down somewhat from July 2018’s reading.

“While the Market Confidence Index is down slightly, it is still in a very positive range,” Meczywor said. “We can probably thank the very low interest rates as a reason for Price Confidence Index turning around in July.”

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