October 11, 2018

Massachusetts home prices, volume both rise in September

Photo/Grant Welker
Construction is nearing completion on the 37-home Hickory Hills development in Millis. Home prices have fallen from the summer but remain above last year's level at this time.

Statewide median single-family home prices and sales volume both rose last month, the Massachusetts Association of Realtors reported Thursday.

Home prices rose to $390,000, an increase of 4 percent over the prior year. The number of sales also rose, by 3.5 percent to 5,090.

September prices showed a slight drop from the summer, when prices temporarily rose above $400,000. In August, median prices hit $419,900, topping $400,000 for the fourth straight month. An all-time high of $430,000 was hit in June.

Prices in September were still up compared to the same time in 2017, however.

"Demand for single-family homes in September continued to be strong even as families got back into the routine of school and schedules" Rita Coffey, the association's president, said in a statement. "While prices went below $400,000, they're still up over the same time last year."

Condominium prices and sales volume have gone in the opposite direction, with both indicators falling in September compared to a year prior.

Median condo prices fell 3.5 percent to $337,750, and the number of sales fell by 4.5 percent to 1,778.

Market and price confidence indexes, which the Massachusetts Association of Realtors measures by polling its members, both are in positive territory but fell in September from a year prior.

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