Pending single-family home sales in Massachusetts were 5.2 percent higher year-over-year in November, the Massachusetts Association of Realtors (MAR) reports.
This is the seventh consecutive month pending sales have been stronger than in 2010, according to MAR, though sales dipped 7.2 percent from October. Prior to the current streak of improvement, the last time pending sales was December 2010.
"We are taking another step toward an eventual housing market recovery with pending sales going up in November," said MAR president Laurie Cadigan. She noted the improvement coincides with a downward trend in the unemployment rate, and attributed the higher pending sales to increased buyer confidence.
Condominium sales also increased substantially, with a 7 percent rise year-over-year. The number of pending sales was also slightly higher than the previous month. Within Massachusetts, Boston has had a strongly performing multifamily sector recently, attributed to the considerable number of young professionals in the city.
However, The Boston Herald recently reported the state as a whole has been adding jobs more slowly than the nation, and has a higher employment rate only because its workforce has also expanded more slowly. This may affect the state's long-term prospects as a labor and real estate market.