The number of single-family homes put under agreement in Massachusetts in May was down 3 percent compared to the same time last year, while condominiums were down 6 percent, according to the Massachusetts Association of Realtors (MAR).

May is the first month since July 2009 that the number of both single-family homes and condominiums put under agreement has decreased compared to the year before, according to MAR.

"The decrease in pending sales in May is direct result of buyers making a final push to get homes put under agreement prior to the April 30 tax credit deadline," said 2010 MAR President Kevin Sears, broker/co-owner of Sears Real Estate in Springfield. "While we would have liked to have seen increases in pending sales in May, low interest rates and more affordable prices continue to be the foundation for a stable market."

There were 4,663 single-family homes put under agreement in Massachusetts in May, compared to 4,802 homes put under agreement in May 2009. On a month-to-month basis, single-family homes put under agreement were down 16.4 percent from 5,580 homes in April.

There were 1,894 condos put under agreement in Massachusetts in May, compared to 2,025 in May 2009. On a month-to-month basis, condos put under agreement were down 17.4 percent from 2,292 units in April.
Nationally, pending sales of previously owned homes rose more than expected in April, according to the National Association of Realtors.

The home sales index, based on contracts signed in April, increased 6 percent to 110.9, the highest since October. It was the third straight month of gains in the index, which leads existing home sales by a month or two. Pending home sales rose by a revised 7.1 percent in March, a figure previously reported as a 5.3 percent increase.

"The housing market has to get back on its own feet and now appears to be in a good position to return to sustainable levels even without government stimulus, provided the economy continues to add jobs," said Lawrence Yun, chief economist with the NAR.