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Pending sales in Massachusetts jump

January 5, 2011 - A report shows the first major increase for pending home sales in Massachusetts in seven months, showing buyers might have made a late push in their moving plans in the Bay State.

In December, buyers signed contracts on 2,888 single-family homes in Massachusetts, up 5.3 percent from the 2,743 that were put under contract during December 2009, reported the Massachusetts Association of Realtors. The group added that for 2010, 47,384 homes sales were agreed upon, down just 2.5 percent from 2009's total figures. The relative stability of the Massachusetts market, coupled with recent rises in mortgage rates, may have encouraged a number of consumers to kick their relocation plans into gear, said experts.

"We can most likely attribute some of the increase in pending sales to the slight rise in consumer confidence and recent uptick in interest rates as buyers who were ready, but on the sidelines, made the decision to enter the market," said MAR president Laurie Cadigan.

Analysts recently told the Boston Herald that Massachusetts' real estate market has been relatively strong compared to other parts of the country, and home value depreciation and sales slowdowns were less severe in the Bay State than they were elsewhere.

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