Mass. Realtors pessimistic

BOSTON – Realtors still hold a largely pessimistic view of the Massachusetts real estate market, according to a survey by the Massachusetts Association of Realtors.
The association said this week that its Market Index fell to 20.4 in August, down 27.7 percent from July and 51.7 percent from a year ago August. Measured on a 100-point scale, the Realtors consider a score of 50 the midpoint between a “strong” and a “weak” market.
“Similar to July, Realtor members who responded to our August housing survey continue to feel less certain about the market compared to the same time last year, when the first-time homebuyer tax credit activity was ramping up,” association President Kevin Sears said.
Last August, homebuyers sought to snap up homes by Nov. 30, a deadline later extended to April 30, 2010 by Congress.
“Today, the tax credit is in the rearview mirror and the market is still adjusting,” Sears said.
Prices have also fallen. The Realtor Price Index was down 22.2 percent in August 2010 compared to the same time last year. On a month-to-month basis the August index number was down 11.9 percent from the Home Sales Price Index number in July 2010.