March house sales drop with loss of home buyer credit

March house sales drop with loss of home buyer credit

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A week after reporting that actual home sales in February were down 12.5 percent, the Massachusetts Association of Realtors reported Tuesday that the number of single-family homes placed under agreement in March was down over-the-year by more than 16 percent, which was attributed to the availability of a home-buyer tax credit in 2010.

The number of condos placed under agreement was off more than 22 percent in March, compared to March 2010. Association officials said the March numbers reflected the largest increase since 2008 in month-to-month homes under agreement, with pending sales rising 40 percent from February to March.

In a statement, association president Laurie Cadigan said improving weather had sparked an increase in real estate market activity.