The Massachusetts real estate market looks like it will remain hot throughout the summer months.
There were 7,406 pending single-family home sales compared to 6,254 pending sales in May 2015, an 18.4 percent increase. Pending home sales have increased 38 out of the last 39 months on a year-over-year basis.
A sale is "pending" when a home is under agreement, which means a buyer and seller have agreed to the terms of the real estate sale and have signed a purchase and sale agreement. Not every pending sale will result in a closed transaction; however, pending sales data is a strong indication of where the real estate market is heading over the next 30 to 90 days.
Massachusetts pending condominium sales in May increased 12 percent to 2,698 from 2,410 in May 2015. Pending condo sales also have increased 38 out of the last 39 months.
Attractive mortgage interest rates are in part fueling the demand for housing. On the other hand, low inventory might actually be slowing down the market in the Greater Boston area. In May the number of single-family homes on the market declined 21.5 percent and for the 51st straight month. The number of available condominium units decreased 22.4 percent statewide and for the 64th straight month.