Reports: Home Sales Continue Rise
The Warren Group
Two organizations tracking home sales in the Bay State said sales continue to increase, with one indicating that they reached their highest level in two years.
According to The Warren Group, sales of single-family home sales rose nearly 26 percent in June, the fifth straight month of double-digit increases. It said 5,498 homes were sold last month, up from 4,368 in June 2011. It was the best month for sales since June 2010, when 5,662 homes were sold.
Meanwhile, the Massachusetts Association of Realtors (MAR) said year-over-year sales increased for the 12th straight month, with 5,423 homes sold in June, an 18.5-percent jump from the same time last year. Sales were up 20.4 percent from 4,505 homes sold in May.
The MAR said this is also the first time sales topped the 5,000 mark since in a month where homebuyer tax credits weren't given since August 2007.
The Warren Group said second-quarter home sales totaled 13,560, a 28-percent increase from 10,595 in the second quarter of 2011. In Worcester County, June sales jumped nearly 26 percent over last year, coming in at 2,929. Sales for the same period were up 19 percent in Norfolk County to 727, and 27 percent in Middlesex County to 1,392.
"It's common to see strong sales volume once the spring selling market begins, but these numbers nearly parallel sales from two years ago when a government tax credit was being given to buyers," said The Warren Group CEO Timothy M. Warren Jr. "The local consumer confidence combined with low mortgage rates are evidently helping the market a great deal."
Year-to-date home sales statewide are up 24 percent. From January to June, 21,567 single-family homes have sold, compared to 17,397 during the same period a year ago.
Prices Decline
For the second consecutive month, year-over-year home prices decreased slightly, according to The Warren Group. The median sale price of single-family homes statewide dropped almost 1 percent to $322,000 in June, down from $325,000 in June 2011. The year-to-date median sale price is $282,000, down 1.9 percent from $287,500 during the same period last year. In Worcester County, year-over-year median prices were down 10 percent in June to $210,000. Norfolk County saw an increase of nearly 2 percent to $397,000 while Middlesex County fell just over 1 percent to $435,000.
"A month of nearly unchanged prices is a promising indicator that buyers are beginning to re-enter the market, and downward pressure on home prices is abating," Warren said.
MAR reported that the median price was unchanged from a year ago, at $325,000, and that it was up 10.2 percent from $294,900 in May.
"While the housing market isn't fully recovered at this point, 12 straight months of year-over-year increases is significant and certainly positive news," said MAR President Trisha McCarthy. "Prices continue to bump along the bottom and could start to rise, especially if buyers remain active and fewer sellers enter the market."
The Warren Group said condominium sales also rose in June, increasing almost 29 percent from a year earlier. A total of 2,216 condos sold in June, up from 1,723 a year earlier. MAR said condo sales were up 16 percent from last year to 2,148.
Image credit: FreeDigitalPhotos.net.
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