Reporting Anthony Silva
BOSTON (CBS) – Two reports indicate that single family homes sales in Massachusetts were up in May for the 11th straight month.
Sales increased 27% last month compared to the same month last year, but the median selling price in may was actually down to $295,000.
WBZ NewsRadio 1030′s Anthony Silva reports
Massachusetts Association of Realtors President Tricia McCarthy says realtors are feeling the downward pressure of foreclosures and short sales.
She says when distressed properties sell, they drive down comp sales which affect the whole area. McCarthy explains that rules governing comparable sales to prove a home’s value have been tightened dramatically, and that’s affecting many sales.
A second report by the Warren Group, which records all home sales including short sales, private sales and sales without a realtor showed a sales increase of almost 35% in May for the highest transaction volume in two years.