After sliding in February due to several snow storms and a lack of inventory, Massachusetts pending home sales increased in March compared to March 2012, the Boston Business Journal reported it April 9, 2013.
The Massachusetts Association of Realtors provided the pending home sales data.
The number of single-family homes put under agreement in March rose to 4,308 compared to 4,118 in March 2012, a 4.6 percent increase. March marked the 22nd time out of the past 23 months that there have been year-over-year increases in pending sales, and March 2013 saw the highest level since March 2005 when 4,404 homes went under agreement.
Condos put under agreement in March jumped 9.4 percent to 1,888 compared to 1,725 a year ago. The number of condominiums put under agreement have increased for 23rd straight months.
Pending sales figures, also called homes under agreement, are an indicator of housing sales for the next 30 to 90 days. A pending sale is when the buyer and seller agree on the terms of the sale of a home and have a signed purchase and sale agreement, but have yet to close and record the deed at the Registry of Deeds. Not all pending sales will close.