The cost of buying a home in Massachusetts is on the rise.
The median price for a single-family home rose to $405,000 last month, according to the Massachusetts Association of Realtors citing pending sales.
This is the third time the median price for a single family rose above the $400,000 mark since last summer.
This figure represents a 5.7% increase over May 2017 prices when the median price was $383,000.
"Buyer demand shows no signs of slowing down as we head into the busy spring and summer markets," said Rita Coffey, the president of the Massachusetts Association of Realtors and a Realtor with Century 21 Tullish & Clancy in Weymouth. "We may see another summer of record-breaking prices if Massachusetts doesn't find more inventory to feed this strong demand."
There were 7,226 single-family home sales last month — an increase of 7.4% — and 2,690 condominium sales.
