Pending home sales across the state climbed to their highest level for July since Massachusetts Realtors began tracking homes under agreement in 2004, the Massachusetts Association of Realtors (MAR) reported. According to MAR’s July Future Indicators Report, there was a 17 percent increase in accepted offers since the same time last year. Median price of accepted contracts rose nearly three percent to $360,000 during this period.  

July single-family pending sales rose to 5,339 compared with 4,554 in July 2013, an increase of 17.2 percent. This is the 17th straight month of single-family year-over-year increases, and the highest number of home put under agreement in July since MAR has been tracking this data.

Condominium pending sales rose to 2,046 in July 2014, compared with 1,862 in July 2013, an increase of 9.9 percent. This is the highest number of condos put under agreement in July since 2005, when 2,186 units were put under agreement.

"It’s no surprise to see buyer demand continue its strong pace into the second half of the year," 2014 MAR President Peter Ruffini, regional vice president at Jack Conway & Co., said in a statement. "Combined with the fact that new listings to the market were up significantly in June, this should translate into good year-over-year sales numbers for July."

However, agents’ confidence in the strength of the market took another dive in July, with MAR’s Realtor Market Confidence Index dropping 11 percent compared with the same time last year, to 63.54 from 71.09 in July 2013. Realtors were also slightly less assured of future price increases, with the Realtor Price Confidence Index slipping 2 percent to 70.69 in July compared with 72.27 in July 2013.

This is the ninth straight month that the confidence index has declined, and the fourth straight month that the price index has declined. Index numbers greater than 50 indicate belief in strong market conditions.

"Realtors’ confidence in the market is holding rather steady compared to last month, but down from July of last year," said Ruffini in a statement. "Pending sales continue to go up, but closed sales haven’t followed suit, as keeping deals together can be challenging. This is having a little bit of a negative impact on the overall feeling about the market."

MAR also surveyed its members this month on the impact of online price estimates, such as Zillow’s Zestimates, on their ability to complete transactions. About 44 percent of Realtor respondents reported that automatic pricing estimates on various online sites are complicating home purchase transactions. However, some 30 percent reported that the availability of this data made the transaction "somewhat easier," and 21 percent reported it made no impact.