October Median Home Price Highest Since 2007

BOSTON, November 26, 2013 – A total of 4,326 single-family homes sold in Massachusetts in October, an 18.5 percent increase from 3,649 sales in October 2012. Year-to-date sales are up more than 7 percent at 42,077, compared to 39,239 during the same period a year ago.

“The pace of the housing market has surpassed expectations this year,” said The Warren Group CEO Timothy M. Warren Jr. “Pent up demand is still high following several years of slow activity, and the improving economy is helping to boost the market.”

The median price of single-family homes rose almost 10 percent in October to $313,050. This is the highest median price for the month since October 2007, when it was $331,000. The median price for homes sold January through October was $324,900, up more than 12 percent from $289,000 in the prior year.

In October, condominium sales statewide rose 16 percent, increasing to 1,724 from 1,487 a year ago. Year-to-date condo sales are up 5.8 percent to 17,089 from 16,152 during the same period last year.

The median condo price rose to $299,500 in October, a 13 percent increase from $265,000 a year earlier. The year-to-date median price of condos in the Bay State is $295,000, up 7 percent from $267,500 a year ago.