Single-family pending homes sales rose 1.4 percent in January compared with last year, according to a new report from the Massachusetts Association of Realtors (MAR).

"With demand still strong, homebuyers took advantage of dropping interest rates through the month to push pending homes sales higher in January," 2014 MAR President Peter Ruffini, regional vice president at Jack Conway & Co., said in a statement. "The combination of improved home equity and low interest rates have created a good opportunity for sellers to get back in the market. We’re optimistic we’ll see homeowners take the next step and list their property for sale."

The number of single-family homes put under agreement in January rose to 3,151 in 2014 from 3,107 in 2013. This is the 11th straight month of year-over-year increases. This is the most homes put under agreement in January since 2007, when there were 3,192. On a month-to-month basis, single-family homes put under agreement went up 12.2 percent compared with 2,808 in December.

The median sales price of single-family homes put under agreement in January was $320,000, which was up 14.3 percent from $280,000 in 2013. On a month-to-month basis, under agreement median prices were flat from $320,000 in December.

The number of condos put under agreement in January was up 9.8 percent compared with January 2013 (1,421 units in 2014 from 1,294 units in 2013). This is the highest number of condos put under agreement in January since 2007, when there were 1,595. On a month-to-month basis, the number of condos put under agreement was up 36 percent from 1,045 units in December.

The median sale price of a condo put under agreement in January was $300,000, up 20 percent from $250,000 in 2013. On a month-to-month basis, under agreement median prices were down 1.7 percent from $305,000 in December.