Median home price hits $266K in Worcester County

File photo Median home prices continue to rise.

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By Zachary Comeau

Median home sale prices for single family homes remain high and are increasing, but home sales are down in the Worcester and Middlesex counties.

According to Boston real estate data firm Warren Group, the median price of homes in Worcester County rose by 2.31 percent from last July to July 2017, from $260,000 to $266,000. For the year, prices are up by 4.11 percent from $242,950 to $252,925.

The number of home sales, however, is down by 3.22 percent from 931 to 901 from this July to last July, though home sales for the year are up by 2.39 percent.

In Middlesex County, those prices are much higher and are increasing at a larger rate, according to the Warren Group.

Median home prices last month compared to July 2016 rose by 3.27 percent from $520,000 to $537,000 and for the year, prices are up by 5.64 percent from $482,750 to $510,000.

According to the Mass. Association of Realtors (MAR), median home prices throughout the state in July were right at $400,000, up from the $380,000 last July, an increase of 5.3 percent.

Home sales, however, were down by just over 1 percent from 5,777 to 5,709.

The marks represent the second month in a row that median home prices have reached $400,000 or higher while closed sales have been down or flat for seven out of the last 12 months.

Median prices have either risen or stayed flat for 19 out of the last 20 months, according to MAR.

In a statement, MAR President Paul Yorkis said the rising prices are taking a toll on prospective buyers.

“The demand is still there, but it’s the combination of price and inventory that’s catching up to buyers who are on the cusp of buying their first home, which was helped cause the dip we saw in closed sales this month,” he said.

Statewide condo sales, however, rose 3.1 percent from July 2016, but condo prices are also increasing by that mark, from $358,950 to $370,000.