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Single-Family Home Sales Take Huge Jump

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BOSTON (AP) — Sales of single-family homes in Massachusetts took a huge jump in February when compared to the same month last year, evidence that potential buyers are feeling more confident about the economy.

Read: Real Estate Market May Be Rebounding

The Boston-based Warren Group reported Tuesday that sales of single-family homes jumped 33 percent year over year, and the 2,350 homes sold statewide is the largest February volume since 2007.

The Massachusetts Association of Realtors in Waltham reported a 27 percent jump in sales volume compared to February 2011, one of the biggest February increases since the organization began tracking the numbers.

One reason sales are up is because median prices continues to fall. Both organizations say median prices dropped about 4 percent in February compared to the year-ago month.

Consumer confidence and low interest rates are also driving sales.

Copyright 2012 The Associated Press.

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