Median Price Record Set For Third Straight Month
BOSTON, August 22, 2017 – The median sale price for a single-family home hit its highest point on record for any July in history, according to a new report from The Warren Group, publisher of Banker & Tradesman.
The median sale price of a single-family home in July increased 3.7 percent to $382,500, up from $369,000 last year. This marks 16 straight months of year-over-year price increases going back to April of 2016.
There were 6,280 single-family homes sold in July, edging out the 6,236 in July 2016 for a 0.7 percent increase.
Year-to-date, single-family home sales were up 0.7 percent through July compared to the same period in 2016 (from 33,236 to 33,464), while the median price jumped 5.5 percent (from $345,000 to $364,000) over that period.
“Unsurprisingly, July’s median price surpassed all records for that month,” said Timothy Warren, CEO of The Warren Group. “Though substantially less than last month’s all-time high of $395,000, July’s price shows the same trend of an upward trajectory. Despite a low inventory of homes for sale, the market keeps climbing.”
There were 2,401 condominiums sold in July 2017, compared to 2,364 last year – an increase of 1.6 percent. The median sale price rose by 2.6 percent, hitting $359,000 – also the highest on record for July.
“The condo market continues its steady growth, and the median price of a condo now rivals that of a single-family home,” said Cassidy Murphy, Editorial and Media Relations Director of The Warren Group. “Part of the slower but still steady growth is due to the relative ease of condo construction and the recent (though still inadequate) increase in supply.”
Year-to-date condo sales were up 6.4 percent through July compared to the same period in 2016 (from 13,063 to 13,911), while the median price was up 3.8 percent over the same period (from $327,500 to $340,000).