August 29, 2011
According to the Massachusetts Association of REALTORS home sales in Massachusetts were up over 63% in November 2009 versus November 2008. The number of homes put under contract increased for the sixth straight month aided in no small part by the impending deadline of the first-time homebuyer tax credit which was set to expire on November 30th until it was extended through April 2010.
This is good news for the local market, but according to data released on Wednesday of this week, sales of new homes nationwide dropped 11 percent in November versus October.
The expectation is that the market, particularly in the Boston area, will be busy in the late winter/early spring as buyers and sellers alike will want to be active before the expiration of the tax credit.