The Massachusetts Association of Realtors (MAR) reports that sales of both single-family homes and condominiums experienced their largest May increase since MAR been tracking monthly data. For the third consecutive month, the number of single-family homes for sale also went up compared to the year before.

There were 3,911 detached single-family homes sold this May - a 31.5% increase from the 2.975 homes sold the same time last year. The May condominium market was up 32.4% compared to the same time last year (from 1,235 units sold in 2009 to 1,635 units sold in 2010).

MAR President Kevin Sears urges Congress to extend the tax credit deadline for buyers already in the pipeline, noting that some buyers who previously met all the qualifications for the tax credit might not be able to close by the June 30 deadline.

“It would be terrible for those buyers if they were not able to complete the purchase in time to claim the credit," Sears says.

The entire May home-sales report is available on MAR's website.

SOURCE: Massachusetts Association of Realtors