Pending home sales in Mass wane

Massachusetts has experienced five straight months of fading year-over-year pending home sales, a possible sign that fewer people are moving to the Bay State.

The Massachusetts Association of Realtors reported that the number of relocating families who signed new home contracts in September fell 19 percent from the year before. Additionally, pending sales were down 12.3 percent from the previous month. There were 3,609 pending home sales in the state last month, compared to 4,117 in August and 4,473 in September 2009.

Even condominium sales were down, with contracts signed for 1,267 condos last month compared to 1,725 in September 2009, a 27 percent year-over-year decrease, said the report.

"Concerns over the economy and unemployment continued to keep a number of potential homebuyers on the sidelines as homes put under agreement went down compared to the same time last year when buyers were trying to qualify for the initial homebuyer tax credit deadline," said MAR president Kevin Sears, adding that though low mortgage rates make the current market favorable for homebuyers, many still lack the confidence to resume their moving plans.

Falling homebuyer confidence was reflected in The Conference Board's monthly assessment of overall consumer confidence in the economy. According to that index, Americans grew less assured about the overall economy last month.
 

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