BOSTON, August 23, 2011 – For the first time since January, sales of Massachusetts single-family homes increased in July, posting a 7 percent increase from July 2010, according to the latest report by The Warren Group, publisher of Banker & Tradesman.
A total of 3,847 single-family homes statewide sold in July, up from 3,590 during the same month last year. This reverses a trend of five consecutive months of year-over-year decreases. So far this year, 20,893 homes have sold in Massachusetts, down 16 percent from 24,912 during the same period in 2010.
“While it’s encouraging to see sales rise in July, we’re comparing statistics to a very rough month of July last year,” said Banker & Tradesman Managing Editor Cory S. Hopkins. “The expiration of the homebuyer tax credits hurt sales volume a year ago, which is skewing the actual picture of the market now.”
Condominium sales dropped slightly in July, decreasing almost 2 percent from a year earlier. A total of 1,454 condos sold in July, down from 1,481 a year ago. Year-to-date condo sales were also down 26 percent, decreasing to 8,295 from 11,208 during the same period last year.
The median price of single-family homes remained steady in July, slipping under 1 percent to $317,500, down from $320,000 a year earlier. This is the third straight month that the median price exceeded $300,000. The median price for homes sold January through July was $295,000, down just 1 percent from $298,000 in the prior year.
The median condo price also crept up in July. The median selling price was $298,000, up 4 percent from $286,000 a year earlier. The year-to-date median price of condos in the Bay State is $274,000, up 4.5 percent from $262,000 a year ago.