BOSTON, Nov. 25, 2014 -Sales of single-family homes in the Bay State rose slightly by 1.4 percent in October, marking the first time sales have increased year-over-year since June, according to the latest report by The Warren Group, publisher of Banker & Tradesman.
A total of 4,404 single-family homes sold in October, compared with 4,345 a year earlier. Year-to-date, sales decreased by 2.7 percent, with 41,140 homes sold compared with 42,270 during the same timeframe last year.
The median selling price of a single-family home in Massachusetts increased by 2.1 percent in October to $320,000 compared with $313,500 in October 2013. Year-to-date, the median selling price climbed 2.3 percent to
$332,525 compared with $325,000 during the same period last year.
“It is encouraging to see home sales inch their way up in October, after declines in seven of the previous ten months. These numbers reflect sales from late summer house hunting,” said Timothy M. Warren Jr., CEO of The Warren Group. “Prices also increased slightly. For a year now, the entire market has been pretty flat. We have seen modest increases and modest decreases in both median prices and sales volume, but no big swings.”
In October, condominium sales statewide increased 3.9 percent. A total of 1,799 condos sold in October, up from 1,732 a year ago. Year-to-date, condo sales were up slightly by 3.2 percent, rising to 17,666 from 17,117 during the same period last year.
The median condo price fell 3.3 percent in October to $290,000, down from $300,000 a year earlier. The year-to-date median price of condos in the Bay State was $310,000, up almost 5 percent from $295,940 a year ago.
The Warren Group offers a range of real estate products, information services and printed publications, including the weekly newspapers Banker & Tradesman and The Commercial Record. The company also presents and organizes trade shows and events for a variety of industries, including bankers, mortgage brokers, credit unions and lawyers. Based in Boston, the company was established in 1872 and is now in its fourth generation of family ownership and management. For more information about The Warren Group, visit www.thewarrengroup.com.