Home Sales Up As Prices Dip In July
Home sales increased by nearly 12 percent in July compared to July 2008 on low interest rates, more affordable prices and the federal first-time homebuyer tax credit, said Boston-based real estate tracker The Warren Group.
Single-family homes sales were up 11.8 percent last month over July 2008, the first year-over-year monthly home sales increase in Massachusetts this year. Year-to-date, home sales are down 6.3 percent compared to 2008.
The median selling price for single family homes decreased 4.7 percent to $305,000 from $320,000 the previous month. Prices have declined by less than 10 percent in each of the last two months after topping 10 percent in each of the first five months of the year.
The Massachusetts Association of Realtors reported a 12.7 percent increase in home sales for the month and a median selling price of $310,000, a 5.1 percent decrease from the $326,500 median price it recorded in July 2008.
The association includes only transactions that involve real estate agents in its statistics.
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