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Boston’s ‘hot’ market rating slips, but pending sales rise in July

by Michael M. Mazek

In June, Realtor.com named Boston the third-hottest housing market in the nation, based primarily on the average age of its listings. For July, however, the Boston metro area fell to 13th place in the rankings as the average listing stayed on the market for slightly longer. Across the combined Boston metro area — which includes Cambridge, Massachusetts and Newton, New Hampshire — listings spent a median 41 days on the market before closing, as opposed to 33 days in the prior month.

According to analysis from Realtor.com chief economist Danielle Hale, the cities that made the most improvement in their “hotness score” were mid-sized metros where prices tended to be more affordable. In July, that included Philadelphia, Cleveland, Indianapolis, Phoenix and Orlando. Midland, Texas, earned the top spot for the hottest market for the fourth time in a row, owing to its central role in the oil industry.

While Boston-area inventory appeared to grow based on Realtor.com data, the state of Massachusetts did see growth in the number of new pending sales in July. The Massachusetts Association of Realtors reported 5,075 single-family homes were put under contract in July, a nearly 15 percent increase over figures from the same month last year. Condo sales in the state also grew by 14.1 percent on an annual basis. The median price on single-family homes in the state once again rose to new heights, at $423,250.

“Both buying activity and temperatures were hot in July as the number of homes put under agreement went up again,” said MAR president Rita Coffey in a news release.

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