Realtor Michael Mahoney in Boston with eXp Realty
Michael Mahoney
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Pending Home Sales Tumble in May for Third Straight Month

 Pending Home Sales Tumble in May for Third Straight Month

 

National Association of Realtors Report on Pending Home Sales

WASHINGTON (June 28, 2017) — The ongoing supply shortages that are propping up home prices in many metro areas caused pending home sales in May to slump for the third consecutive month, according to the National Association of Realtors®. None of the major regions saw an increase in contract activity last month.

“The lack of listings in the affordable price range are creating lopsided conditions in many areas where investors and repeat buyers with larger down payments are making up a bulk of the sales activity,” said Yun. “Meanwhile, many prospective first-time buyers can’t catch a break. Prices are going up and there’s intense competition for the homes they’re financially able to purchase.”

Existing-home sales are forecast to be around 5.63 million this year, an increase of 3.2 percent from 2016 (5.45 million). The national median existing-home price this year is expected to increase around 5 percent. In 2016, existing sales increased 3.8 percent and prices rose 5.1 percent.

Massachusetts Association of Realtors Report Dip in Closed Sales

Homes for sale reach lowest level for May since 2004

WALTHAM, Mass. – June 27, 2017 – The Massachusetts Association of Realtors® (MAR) reported today both single-family and condominium saw a slight dip in sales in May from last year. Despite the drop, median home prices for both single-family homes and condominiums hit new all-time highs. Inventory also reached the lowest level for the month of May since MAR began recording the data in 2004.

Pending Home Sales Dip in Massachusetts by Keller Williams Realtor Michael Mahoney

May Closed Sales from The Massachusetts Association of Realtors – click to see large image

 

Massachusetts Real Estate Inventory

Keller Williams Realtor reports on massachusetts real estate inventory

Massachusetts Association of Realtors – Click to see large image

 

Get the Value of Your Home Now

The Greater Boston real estate market could certainly use more inventory. If you are considering a move at all, now would be a time to take a closer look at it. With the demand high, and buyers competing for properties the market is very forgiving when it comes to home repairs and concessions by sellers.

 

David Ortiz Courtesy of The Boston Globe

If I were considering a move,  I would go out on top like David Ortiz rather than waiting for the market to show signs of stalling.  By that, I simply mean that real estate markets are cyclical and that what goes up must come down. If I were in my older years, I would get out in the hot market rather than waiting for it to cool.

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You can reach Michael Mahoney via cell/text at 617-615-9435 or via email mike@mmahoney.com

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5suzannechapman1208

I selected Mike after having a very unsuccessful experience with a previous broker. He had excellent ideas in helping to sell my house and continued to advertise it with a fresh perspective. His experience helped in a number of ways and I only wish we had... (more)

5goodlife99

This is the second property I have sold in Weymouth MA with Mike as my broker. He research the area and give you all the information you need to decide what to list your property for, so it sells timely. He also helps review and negotiate all offers and is... (more)

5SullyLemmons

We had been trying to sell our condo for well over a year and decided to give Mike a shot at it as he came well recommended. It was not easy for him but he persisted and had success. Even though it wasn't a big sale or profit for him, he acted as though it... (more)

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