BOSTON, July 29, 2014 – Massachusetts single-family home sales increased in June, marking the first time sales have posted a year-over-year increase since January 2014, according to the latest report by The Warren Group, publisher of Banker & Tradesman.
Single-family home sales rose a modest 3.7 percent in June. A total of 5,795 single-family homes were sold, up from 5,589 a year earlier. This marks the highest number of sales for the month of June since 2006 when there were 6,152 sales. Year-to-date, home sales statewide are down 1.8 percent. From January to June, a total of 21,272 single-family homes have sold, compared with 21,662 during the same period a year ago. Second quarter home sales totaled 13,707, a 1.5 percent decrease from 13,917 in the second quarter of 2013.
“These numbers are a reflection of sales made during the spring market,” said The Warren Group CEO Timothy M. Warren Jr. “Mortgage interest rates are lower than they were last summer and demand remains high as homebuyers seem to be overcoming the problems with low inventory. We could see more gains in sales volume in the big months of July and August.”
The median sales price of single-family homes statewide increased by 2.8 percent to $359,900 in June compared with $350,000 in June 2013. Year-over-year, median sales prices have increased each month since October 2012. The year-to-date median sales price rose 4.7 percent to $329,900, up from $315,000 during the same period last year. Quarterly prices increased 3.0 percent to $340,000, up from $330,000 during the second quarter 2013.
Bay State condominium sales increased in June by more than 11 percent from a year earlier. A total of 2,429 condos sold in June compared with 2,187 sold a year earlier. Year-to-date, condo sales are up 9.7 percent to 9,592 from 8,744 during the same time last year. Condo sales for the second quarter climbed from a year earlier. In the second quarter, 6,172 condos sold, up 8.4 percent from the 5,695 transactions during the same period a year ago.
The median sales price of condos increased slightly in June. The median selling price was $325,000, up 1.6 percent from $320,000 a year earlier. The year-to-date median price of condos in the Bay State was $310,000, up 8.7 percent from $285,000 a year ago. The second quarter median condo price rose 6.0 percent to $320,000 from $302,000 in the second quarter 2013.