MAR (Massachusetts Association of Realtors) Releases August 2019 Pending Sales Data Report
Pending Single Family and Condominium Home Sales were UP in August of 2019 when compared to August 2018.
This new data marks the 12th straight month of year over year increases for single family homes adding more pressure to an already tight inventory market. Single family prices also saw a 2.8% year over year increase.
The condominium data showed similar gains with pending sales either flat or up 9 of the last 12 months and a year over year price increase of 3.1%.
These continues gains are bringing home affordability down causing many potential buyers to continue to be only potential buyers.
Pending home sales are considered a leading indicator of future existing home sales and is generally considered a more accurate measure of the strength of the real estate market. This is believed because a majority of the labor involved in selling a home are performed that lead up to signing an agreement for the sale of a house. The mortgage process represents the end of the sales cycle but is a technicality and can take 4 - 8 weeks on average. Generally pending home sales is an accurate measure of existing home sales one to two months in the future.
Check out the full Press Release here.
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