Existing Home Sales Up in Again In Mass., U.S.
Sales of existing homes rose for the fifth straight month in Massachusetts in November while sales nationally also rose, according to two new reports.
In Massachusetts, sales of single-family homes and condominiums rose compared with November 2010, marking the fifth straight month of year-over-year increases in the Bay State, according to the Massachusetts Association of Realtors (MAR). Sales of single-family homes rose 13.15 percent while sales of condominiums were up 6.51 percent.
However, median prices for both groups were down. The average price for a single-family home in November was $284,500, down 3.9 percent compared with $295,950 a year earlier. The median price for condominiums was down 6.47 percent to $253,000.
The MAR cited a continued decrease in the state's unemployment rate for the increased confidence among would-be home buyers.
"Qualified buyers are slowly returning to the market ... to get into a home," said Laurie Cadigan, MAR president and broker-owner of Barrett & Company in Concord. "We need this trend to continue to help the market recover."
Nationally, sales increased 4 percent from October, but a more robust 12.2 percent above November 2010, according to the National Association of Realtors.
Lawrence Yun, chief economist for the NAR, said more people are taking advantage of the buyer's market. "We've seen healthy gains in contract activity, so it looks like more people are realizing the great opportunity that exists in today's market for buyers with long-term plans," he said.
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