May housing market up over previous year
The Massachusetts Association of Realtors (MAR) on Tuesday said single-family homes put under agreement in May were up 35 percent from the same time last year. It was the 26th time in 27 months of year-over-year increases. Condos put under agreement in May were also up from last year, by 27.9 percent.
Meanwhile, the median price of a single-family home in Massachusetts was down slightly this May fromlast, declining from $346,325 to $342,000.
MAR’s monthly market confidence and price indexes were in positive territory and also higher in May 2015 than in May 2014, MAR said.
In a statement, MAR President Corinne Fitzgerald said, “The competitive spring market has encouraged buyers to make their best offers possible to secure a home because of the low inventory.”
She said that despite some difficulties in securing financing this year, many buyers were taking advantage of the 30 year fixed-rate mortgage while it was still under four percent in May.”
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