May home sales in Massachusetts dropped more than 25% from the prior year but median prices increased after five months of decreases, according to The Warren Group.
Timothy M. Warren, CEO of The Warren Group, said in a press statement that while year-to-year sales comparisons early this year were against the height of the homebuyer tax credit last year, second half 2011 sales in the state should look relatively better.
The median home price in Massachusetts saw relative improvement in May when it was $304,000 as compared to $294,000 a year ago during the same month.
The median price for homes sold in the state between January and May is still down slightly year-to-year at 2% ($279,300 as compared to $285,000 during the first five months of 2010) but Warren said he thinks the May 2011-to-May 2010 increase is still a hopeful sign.
Massachusetts’ condominium sales continued to fall in May compared to the same month a year ago but their median price rose. Some 1,206 condos in the state sold in May, down close to 38% from 1,944 in May 2010. The state’s median prices for condos rose more than 13% during the same time period. The median selling price was $290,964 in May, compared to $257,250 in May 2010.
During the first five months of the year, the median condo sales price in Massachusetts also rose. It was $260,000 during the January to May period, compared to $250,000 during that same period a year ago.
