Home Sales Continue to Climb in Massachusetts
Even though more Massachusetts homes were sold in September, median prices slipped back below $300,000, according to data from The Warren Group.
A total of 3,791 single-family homes were bought by buyers in the Bay State last month. This is an 8% increase from a year ago.
Overall for the third quarter, 13,861 Massachusetts properties were sold, which is more than 2,000 homes compared to the same time period last year.
Similarly, year-to-date sales are up by almost 22% at 35,482.
“Home sales have reached the highest level in nine quarters, a strong sign that consumers have regained some confidence in the economy and are making home purchases with more enthusiasm,” said Timothy M. Warren Jr., CEO of The Warren Group. “But, the end of the summer selling season and a slight increase in unemployment could mean sales will slow at the end of the year.”
However, the median price of single-family homes dropped 4.5% to $277,000 in September. This is the first time in four months that the median price statewide dropped below $300,000.
Last year, properties were being sold for an average of $290,000.
Besides SFRs, condominium sales also increased year-over-year in September by 23%. There were 1,609 properties sold this September, compared to 1,306 a year ago.
The median price for a condominium held steady over the last year at $275,000, the Boston-based firm said in its report.