Massachusetts's home sales continued to show signs of a possible recovery with a 13% increase in November from the prior year.
This marks the fifth consecutive month that there has been a rise in year-over-year single-family home sales in the Bay State, according to the Boston-based real estate data publisher The Warren Group.
In November, single-family home sales rose to 3,253 from 2,875 during the same month last year. Meanwhile, condominium sales were up 7.6% as there were 1,245 properties sold last month.
“I'm hopeful that winding down the year on a positive note will stimulate the market in 2012,” said Timothy Warren Jr., CEO of The Warren Group. “But, a reality check of the numbers shows we may see a record low number of home sales in all of 2011, somewhere near the level in the 1990s.”
However, there are also some negative signs taking place in Massachusetts. For the year, home sales are down 6.7% from November 2010.
Additionally, the median price of single-family homes declined 8% to $271,000, down from $295,000 in the prior year. At the same time, condominium prices also experienced a 1% decrease to $259,900 in November from $262,750 last year.
