Mass. Records Strong Home Sales In July
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As demand remained high in July, Massachusetts home sales reached their highest level in several years, according to two industry group that track real estate activity.
According to the Massachusetts Association of Realtors (MAR), there were 5,750 single-family home sales in July, up 20.3 percent over last year and 11 percent over June. It was the fourth consecutive month of year-over-year increases. July also had the largest number of homes sold in one month since July 2004, when 5,823 were sold, MAR said.
Meanwhile Boston-based The Warren Group said single-family home sales rose 18 percent over 2012, with 5,941 homes sold, marking the best month since June 2006. The Warren Group said 27,600 homes have been sold so far this year, up 3.5 percent from 2012. In Worcester County, sales were up 16.3 percent, with 741 homes sold in July. Middlesex County saw a spike of 22.3 percent in sales, with 1,524 recorded.
"Many recent real estate reports have signaled a strong real estate recovery, and our numbers speak to that rebound," said David Harris, editorial director of The Warren Group. "While consumer confidence and strong employment numbers continue to bolster the market, there's concern that higher mortgage rates and increasing home prices could dampen the revitalized market."
Tight supply continued to push up prices for the 10th consecutive month, both groups said. The Warren Group said the median price rose 10 percent, to $349,000. The median price for home sold this year was up more than 12 percent over 2012, to $320,550, The Warren Group said. The median home price in Middlesex County was up 7.1 percent in July, to $454,500, while Worcester County’s median price was up 10.7 percent, to $239,000. According to MAR, the median selling price was up 7.7 percent from 2012, but reached essentially the same level as The Warren Group calculated. The price was essentially flat between June and July.
“The combination of buyers wanting to close and move in before the start of the school year and their concern over increasing interest rates resulted in another positive month in July,” said MAR President Kimberly Allard-Moccia. “Hopefully, the activity of the past few months will encourage homeowners who are thinking about selling to put their homes on the market. Buyer demand is there, but the shortage of inventory often prices buyers out of the market.”
The number of condominiums sold rose for the 19th consecutive month and was up 24 percent over last year, to 2,297, MAR said. It was the most closed condo sales the state had seen since August 2007 when there were 2,323 sold. The median price of condos was $314,500 in July, up 4.8 percent from 2012 and down 1.7 percent from June. The Warren Group’s growth estimates were more conservative, finding that sales jumped 17 percent over last year, with 2,336 condos being sold in July. It found that the median condo price was up 5.5 percent in July, to $310,000.
Image credit: FreeDigitalPhotos.net.
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