June Home Sales, Prices Up While Supply Swells
Sales of single-family homes increased 28 percent in June to 5,700 homes, the most in four years, according to Boston-based real estate tracker The Warren Group.
The month's sales also beat May's total of 4,373.
The Warren Group attributed the increase to buyer aggression during a traditionally busy time for residential real estate sales, as well as the federal homebuyer tax credit, which expired in April and required buyers to close transactions by the end of June.
June's median single-family home price was $325,000, a 7 percent increase over June 2009.
The Massachusetts Association of Realtors reported similar statistics and warned that "the tax credit did its job and got the market moving again. The activity over the next couple of months will answer whether the momentum was sustained."
Steadily increasing housing inventory is working against that momentum. In June, inventory increased 5 percent to 31,538 listings on the market, a 6.1-month supply. June was the fourth consecutive month of inventory increases. Single-family homes sold in June had been on the market for an average of 107 days.
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