Massachusetts Home Sales up a Record 63 Percent in November as Buyers Took Advantage of Tax Credit

Homes put under agreement in November up for the sixth straight month     WALTHAM, Mass. –December 22, 2009 – The Massachusetts Association of REALTORS® (MAR) reported today that single-family home sales were up a record 63.1 percent compared to November 2008, as buyers expected the first-time homebuyer tax credit to expire at the end of the month (instead it was extended to April 2010).  Condominium sales also hit record levels going up 76.2 percent compared to the year before.  Median prices were up 0.7 percent compared to last year, while condominium median prices were essentially flat going down only 0.4 percent.  November pending sales (homes put under agreement) were up 15 percent from the same time last year.  Pending sales have now gone up for six straight months.   “The record sales gains in November show that the first-time homebuyer tax credit was successful in getting buyers off the fence and back into the market,” said MAR President Gary Rogers. “We have now had five straight months of positive sales activity.  With prices staying essentially level from last year along with the expansion of the tax credit to all buyers, we hope for continued improvement.  Then we can feel confident in saying the market has stabilized.”

Copyright National Association of REALTORS®. Reprinted with permission.