Pending home sales rise year-over-year

CHICOPEE, Mass. (WWLP) - It's a pretty strong indicator that the Massachusetts Real Estate market is getting closer to recovery.  Pending home sales were up again in July for the 15th straight month of year-over-year increases.

The Massachusetts Association of Realtors said the number of single- family homes put under agreement last month was up 33..58% from July of Last year. Purchase-and-sales agreements were signed for 4,694 homes last month, compared to 3,514 in July of 2011.

Condominiums have a similar, positive year-over-year trend.  Condos under agreement were up 29.87% compared to July of 2011.  The hard numbers are 1,752 units in July of 2012 compared to 1,349 units the previous July.

While monthly sales increased compared to one year ago, both house and condo sales declined from June to July of this year.  Single family houses under agreement declined by 8.52%.   June to July condominiums under agreement  were down 11.78%.

“With another pending sales increase in July, our confidence that the market is getting closer to recovery also increases,” said 2012 MAR President Trisha McCarthy, broker at Keller Williams Realty.  “The significant boost in homes put under agreement compared to last year means closed sales should continue to remain positive through the fall.”

The tracking of signed purchase and sales agreements (also called “pending sales”) provide reliable information about where the real estate market is heading in coming months.