Mass. sees continued increase in home sales
Steady increases in Massachusetts real estate prices didn’t stop single-family home sales from continuing to rise last month, as the state experienced a 14 percent increase in single-family homes purchases from August 2012.
The Warren Group reported this week that 5,925 single-family homes were sold in the state in August, the third time sales surpassed the 5,000 mark this year.
While a strong summer market can take partial credit for the increase in purchasing, this August was the best on record since 2005 and year-to-date sales have increased by more than 5 percent despite continued median price increase.
The median price for a single-family home increased by 10.6 percent from $307,500 in August 2012 to $340,000 last month, marking the eleventh consecutive month of median price increases .
Timothy M. Warren Jr., CEO of The Warren Group, noted that although rising prices are not typically conducive to a strong market, they have not seemed to slow down buyers in the state as a whole.
"I remain concerned with the steady price increases across the state," Warren said. "However, it seems the high prices aren't shutting buyers out of the market—just yet."
Statewide condominium sales and median prices also rose this month, with sales up 2.5 percent since August 2012.
2,512 condos were sold last month, the highest number sold in any month since August 2007. This month’s median condo price increased by over 14 percent from $279,000 in August 2012 to $319,950 last month.
Despite a statewide increase in both sales and price, some South Shore communities such as Abington and Milton experienced overall lower sales with rising prices for single-family homes since August of last year. Others, including Hingham, Needham, Natick, and Quincy, still saw a year-over-year increase in sales with higher prices.
Siobhan O'Grady may be reached at email@example.com.
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