Will Massachusetts Home Sales Finish 2016 Strong?

It certainly appears that Massachusetts homes sales with remain strong through the end of 2016. 

Pending single-family home sales in Massachusetts increased 24.4 percent in August 2016 on a year-over-year basis, marking the 41st increase in the last 42 months, the Massachusetts Association of Realtors (MAR) reported on September 13, 2016. 

There were 6,052 pending sales in August 2016 compared to 4,863 homes under agreement in August 2015. 

A pending sale or a home “under agreement” occurs when the homebuyer and seller agree on the terms of the sale of a home, and they have signed a purchase and sale agreement, but have yet to actually close the transaction, which happens when a deed is recorded at the Registry of Deeds. Not every pending sale will close; however, pending sales are a good indicator of future closed sales. The MAR compiled the pending sales data from the state's three multiple listing services. 

Condominium pending sales increased 17.1 percent to 2,095 compared to 1,789 units under agreement. August was the 12th out of the last 13 months that pending condo sales increased.