The Massachusetts Association of
REALTORS (MAR) reported today that single-family home sales went up
slightly from the same time last year. Its the first increase after
eight months of decreases. Prices also increased in October
compared to October 2013.
October Closed Sales:
| Single-Family | October 2014 | October 2013 | %Change |
| Sales | 4,321 | 4,302 | +0.4% |
| Median Price | $325,000 | $320,000 | +1.6% |
First monthly increase after eight straight months of
single-family (SF) year-over-year sales decreases
| Condominium | October 2014 | October 2013 | %Change |
| Sales | 1,696 | 1,631 | +4.0% |
| Median Price | $300,000 | $295,915 | +1.4% |
First monthly increase after six straight months of condominium
(CC) year-over-year sales decreases Prices up 16 out of the last 17
months
Its definitely a positive sign to see home sales increase in
October, said 2014 MAR President Peter Ruffini. Buyer activity and
accepted offers continue to be strong, and weve seen inventory
starting to increase in many market areas over the past several
weeks all the key ingredients to increased sales. We hope to see
this continue into next month as well.
Inventory and Days on Market:
| Single-Family | October 2014 | October 2013 | %Change |
| Inventory | 21,953 | 24,171 | -9.2% |
| Months of Supply | 5.3 | 5.8 | -8.6% |
| Days on Market | 100 | 92 | +8.7% |
| New Listings | 6,097 | 5,978 | +2.0% |
32nd straight month of year-over-year inventory decreases
| Condominium | October 2014 | October 2013 | %Change |
| Inventory | 5,181 | 6,662 | -22.2% |
| Months of Supply | 3.1 | 3.9 | -20.5% |
| Days on Market | 81 | 78 | +3.8% |
| New Listings | 2,220 | 2,175 | +2.1% |
48th straight month of year-over-year inventory decreases
Taxing Phantom Income: REALTORS in
Massachusetts and across the country are urging members of the US
House of Representatives to pass ”The Mortgage Forgiveness Tax
Relief Act,” during its ”lame duck” session of Congress. This
bipartisan legislation would extend an expired provision that has
helped millions of distressed American families by allowing tax
relief for homeowners when lenders forgive some portion of the
mortgage debt they owe. This legislation is important for many
reasons, said Ruffini. It enables families to avoid the negative
effects of foreclosure by opting for a short sale. It also keeps
the market healthy by reducing the number of foreclosures and the
problems they bring to neighborhoods and communities, such as
lowering property values, blight and crime.
If this bill isnt passed, families who were already in financial
distress, but were able to sell their home via short sale will
likely have to pay income tax on the mortgage amount forgiven by
the lender. The prospect of having to pay a tax on phantom income,
that these families cannot afford, will push more of them to opt
instead for continued delinquency or possible default until
foreclosure, or simply to walk away from the property. This will
destabilize the communities where such homes are located.
The Massachusetts Association of REALTORS is also working to
have similar legislation enacted at the state level to protect
these families from a state phantom tax.
About the Massachusetts Association of
REALTORS: Organized in 1924, the Massachusetts Association
of REALTORS is a professional trade organization with more than
20,000+ members. The term REALTOR is registered as the exclusive
designation of members of the National Association of REALTORS who
subscribe to a strict code of ethics and enjoy continuing education
programs.