Mass. Realtor optimism rises

WALTHAM, Mass. – Bay State Realtors felt better about the real estate market in June than they did at the same point last year, according to a survey by the Massachusetts Association of Realtors.
The association said this week that its Market Index stood at 29.17 in June, up from 28.36 a year ago. Measured on a 100-point scale, the Realtors consider a score of 50 the midpoint between a “strong” and a “weak” market.
June was the first time in a year that Realtors reported feeling more confident about the market compared with the same point 12 months prior. The June result was also up from May’s 28.
But confidence in the future of home prices tumbled. The association’s Price Index fell to 38.3 in June from 46.85 a year ago and 38.89 in May 2011. A score of 100 assumes prices will rise more than 5 percent, while a score of zero means Realtors expect them to fall more than 5 percent.
“We are pleased to see that Realtors who responded to the monthly survey felt better about the market than they did in June of last year,” association President Laurie Cadigan said. “The drop in the Realtor Price Index was understandable this June as there was a run-up in prices as home buyer tax credit came to an end in June 2010.”