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The number of single-family and condominium homes pending sale increased in May compared to May 2016, according to data collected by the Massachusetts Association of Realtors (MAR).
Pending single-family home sales increased 11.5 percent to 7,280 in May compared to 6,530 pending sales in May 2016. Pending home sales have increased 50 of the last 51 months.
MAR tracks the number of signed purchase and sales agreements, which provide an indication of pending sales in the coming months. A pending sale or a home “under agreement” occurs when the buyer and seller agree on the terms of the sale of a home and sign a purchase and sale agreement but have not yet closed the transaction. Not every signed purchase sale agreement will result in a closed transaction but the vast majority do.
Pending condominium sales increased 12.5 percent to 2,736 in May compared to 2,432 pending sales in May 2016. Pending condo sales have been flat or have increased 19 of the last 21 months.
