Report: Another good month for Mass. housing market
A report from the Massachusetts Association of Realtors today showed improvements in the housing market in October compared with a year earlier.
It was the 20th straight month of year-over-year increases, the report said.
Single-family homes put under agreement in October 2014 were up 23.5 percent from the same month last year. The median price rose from $320,000 to $325,000. Condominiums also sold better this October compared with last year.
“We saw a large number of accepted offers in October as buyers took advantage of continued low interest rates and moderating prices,” MAR President Peter Ruffini said in a statement. “With inventory increasing in market areas around the state, we should see closed sales start to pick up as well.”
The organization’s October Future Indicators Report also includes results from the October Realtor Market and Price Confidence indexes, which were both down from October 2013. It was the 12th straight month of decline for the market index, and the seventh straight month for a drop in the price index.
“October is another month of moderating home prices and this has pushed the REALTOR® Price Confidence Index down compared to last year,” Ruffini said. “The translation is that it’s a good thing that prices have begun to level off. Many market areas are back to their all-time high median prices and continued increases simply are not sustainable.”
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