Home Sales Increase Shows How Bad Last Year Was
Single-family home sales increased for the fifth straight month in November with a 59.1 percent increase over the same month a year ago.
Condo sales also jumped during the month, posting a 54 percent increase, according to Boston-based real estate tracker The Warren Group.
The median selling price for a single-family home dipped by 1.3 percent to $274,000, one of the smallest price drops in the last two years. Condo prices increased 1.7 percent to $244,000, the first increase in more than a year.
The sharp increase in sales wasn't completely unexpected. The Warren Group said that while federal tax credits did prompt people to buy homes, the increase was mostly a reflection of a very bad November 2008.
"There was a lot of financial turmoil last fall that led to a plunge in home sales" last year, The Warren Group said.
The Massachusetts Association of Realtors said single-family home sales increased 63.1 in November and that condo sales increased by 76.2 percent. Pending sales were up 15 percent from last November, too, the association said.
The association said the median sale price for a single-family home was $285,000, a 0.7 percent increase over last year. The median condo price was $249,000, down 0.4 percent from last year.
The association includes only transactions that involve a real estate agent in its statistics.
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