Report: Mass. Home Sales Hit 2-Year High In May
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BOSTON (AP) — Sales of single-family homes in Massachusetts climbed to a nearly two-year high last month while prices continued to moderate, according to a new report released Tuesday.
The Warren Group, an independent publisher of real estate data, said 4,510 homes were sold in May, the most in a single month since June 2010. Sales were up about 35 percent compared to May 2011.
It was also the fifth consecutive month that sales had increased on a year-to-year basis.
The report said the median selling price for a single-family home was $289,950, the highest of any month so far this year but still a drop of more than 3 percent from the median selling price of $300,000 a year ago.
“The spring market has been especially strong in Massachusetts,” said Cory Hopkins, editorial director of the Warren Group. “We’re expecting home sales to continue to soar this summer, thanks to low mortgage rates and affordable prices luring buyers into the market.”
The Massachusetts Association of Realtors, which uses a slightly different method of calculation, on Tuesday reported a 27 percent increase in sales of single-family homes during May, with a median selling price of $295,000, down 1 percent from the same month a year ago.
“With home prices stabilizing, there is opportunity for home owners who are thinking about selling to put their homes on the market and take advantage of the increasing buyer activity,” said Trisha McCarthy, president of the Realtors group.
Both reports showed strong growth last month in the condominium market as well. The Warren Group said Massachusetts condo sales rose more than 50 percent compared to a year ago, while MAR said sales were up more than 31 percent.
Copyright 2012 The Associated Press.