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REALTOR SECTION Builder: Kenwood Builders Congratulations on being chosen "Builder of the Month" Safety Signal Integrated SySteMS Security • fire • access Control • Surveillance 69 norfolk road Millis, Ma 02054 508.376.2238 617.244.0787 www.safetysignal.com Providing "Peace of Mind" solutions for today's complex security and life safety challenges. Photography: diane anton Photography 4 6 | Greater Boston Builder+Architect BOSTON.BUILDERARCHITECT.COM Single-Family August 2014 August 2013 %Change Sales 4,994 4,318 +15.7% Median Price $352,500 $345,000 +2.2% August Pending Sales: > 18th straight month of single-family year-over-year increases > The most homes put under agreement in August since MAR has been tracking this data Condominium August 2014 August 2013 %Change Sales 1,817 1,642 +10.7% Median Price $325,000 $320,500 +1.4% > 18th straight month of condominium year-over-year increases > The highest number of condos put under agreement in August since 2005, when 2,170 units were put under agreement "A more stable economy, better jobs picture and low interest rates continue to push buyer demand in this market," says 2014 MAR President Peter Ruffini, Regional Vice President at Jack Conway & Co. "We're encouraged by new listings to the market increasing each month; however, with pending sales also increasing monthly, we need the pace to pick up to keep prices from pushing too many people out of the market." Confidence Index August 2014 August 2013 %Change Market 61.15 69.26 -12% Price 70.00 73.57 -5% Realtor Market and Price Confidence Indexes: > The 10th straight month that the RMCI has gone down > The seventh straight month that the RMCI has been over the 60-point mark > The fifth straight month that the RPCI has gone down > The 18th straight month the RPCI was over the 70-point mark > Measured on a 100-point scale, a score of 50 is the midpoint between a "strong" (100 points) and a "weak" (0 points) market condition. "Realtors' confidence in the market is again in positive territory, but it is edging closer to the halfway point between a 'strong' and 'weak' market," Ruffini says. "We continue to need pending sales to become closed sales to see confidence start to move up again." Monthly 'Hot Topic' Question The August "Hot Topic" question asked Realtors what was the most common issue making it difficult for first-time homebuyers to successfully purchase a home. The top reasons cited were credit issues and inability to secure financing. The second highest rea- son cited was the ongoing shortage of starter homes. The third highest reason cited was the lack of a down payment. Only 1 percent of respondents cited student loan debt as a primary reason. "We are glad that the days of unfettered access to financing by unqualified buyers are behind us," said Ruffini. "However, we're not August Future Indicators Report: Pending Sales Continued to Climb C REDIT PROBLEMS AND inability t o s e c u r e f i n a n c i n g m a k i n g it d i f f i c u l t f o r f i r s t- t i m e b u y e r s . Pend i ng home s a les c l i mb e d to t hei r highest levels for any August since the Massachusetts Association of Realtors ( M A R ) b e g a n t r a c k i ng hom e s u nd e r ag reement in 200 4 . Accord ing to t he August Future Indicators Repor t, there was a 15.7 percent increase in accepted offers, compared to the same month the year before. Median price of homes put under agreement also went up, increasing 2.2 percent compared with August 2013.