Mass. Home Sales Register Their Highest Volume In 7 Years
BOSTON (CBS) – The Warren Group says Massachusetts home sales jumped 27% in July.
Warren Group Editorial Director Corey Hopkins tells me that the increase was seen in all 14 counties of the state. The largest increases were in the Boston area, and western Massachusetts. Suffolk, Hampshire and Franklin counties saw increases in the 40% range.
WBZ NewsRadio 1030′s Anthony Silva reports
To put it in some perspective, almost 5,000 homes were sold last month in Massachusetts. That’s the biggest number since 2005, when almost 6,700 were sold.
Many homes, however, have been on the market for months. Hopkins says that could indicate some inflexibility on the part of sellers. He says many sellers have to take a certain number, and there is a lot of distressed property on the market, although not as much as in 2009 and 2010.
Median prices for single-family homes were up less than 1% over the past year, to $318,000.
Newburyport real estate agent Tricia McCarthy tells me one reason for stagnant prices is the effect of foreclosures. She says a foreclosure and a short sale in the market we’re in is an indicator of what’s happening in that neighborhood.
McCarthy calls that effect “troublesome.”
The median price for condos slipped slightly in July to $295,000.