Warren Group: Feb. Home Sales Highest In 5 Years
Home sales in Massachusetts continue to rise, with February's volume hitting the highest mark for the month in five years and increasing 33 percent from the previous year, according to The Warren Group.
The group said 2,350 single-family homes were sold in the state last month, up from 1,765 last year in the same month. February sales were the highest since 2007, when there were 2,628.
So far for the year, home sales are up 15.8 percent from 2011. There were 4,764 completed transactions in the first two months of 2012, compared to 4,114 during the same period in 2011.
Home sales have increased in seven of the last eight months, the group reported.
CEO Timothy M. Warren Jr. said the mild winter, lower unemployment rates and low mortgage rates contributed to the uptick.
However, the median price for a home fell almost 3 percent, to $245,000 in February, compared to $252,500 in 2011. The year-to-date median price is down about 4 percent from last year.
Realtors See Similar Trends
The Massachusetts Association of Realtors, which tracks sales by its members, said it recorded eight straight months of year-over-year increases, with February being one of the largest it's seen.
Condominium sales were also up 21 percent year over year, with 834 units sold during the month. Condo inventory fell 16.3 percent while single-family home inventory fell 5.3 percent.
Realtors sold 2,276 single-family homes, up 26.8 percent from February 2011. The group last recorded such a large increase in February 1997, which saw a 24-percent jump.
MAR saw similar decreases in median sale prices, noting that February saw the fifth straight year-over-year decrease.
Staff Writer Matt Pilon contributed to this report.
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