Pending home sales across the state climbed for the 19th straight month in September, the Massachusetts Association of Realtors (MAR) reported. According to MAR’s September Future Indicators Report, there was a 22 percent increase in accepted offers since same time last year. Median price of accepted contracts was flat at $325,000, the same as September 2013.

September single-family pending sales rose to 4,901 compared with 4,014 in September 2013, an increase of 22.1 percent.

Condominium pending sales rose to 1,858 in September 2014, compared with 1,642 in September 2013, an increase of 13.2 percent. This is the highest number of condos put under agreement in September since MAR began tracking this data.

"Buyers appear more confident with prices stabilizing and interest rates remaining low – under 4.25 percent in September," 2014 MAR President Peter Ruffini, regional vice president at Jack Conway & Co., said in a statement. "

However, agents’ confidence in the strength of the market took another dive in September, with MAR’s Realtor Market Confidence Index dropping 14 percent compared with the same time last year, to 54.07 from 62.61 in September 2013. Realtors were worried about prices continuing their rise, with the Realtor Price Confidence Index slipping 7 percent to 65.37 in September compared to 70.27 in August 2013.

This is the eleventh-straight month that the confidence index has declined, and the sixth-straight month that the price index has declined. Index numbers greater than 50 indicate belief in strong market conditions.

"Increasing inventory in many areas has led to the drop in the RPCI, which essentially tells us that prices are leveling off," said Ruffini in a statement. "The indexes are a reflection of what our members are seeing in their respective market areas."

MAR also surveyed its members this month on how long it’s taking homes to close in the current market. More than 60 percent of Realtor respondents reported that closing times were about the same as ever. However, some 29 percent reported homes were taking significantly longer to close.

MAR: Mass. Pending Home Sales Climb, But Agent Confidence Continues Decline

by Banker & Tradesman time to read: 1 min
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