Median sale prices reach all-time highs for the month of July.
BOSTON, August 22, 2018 – Massachusetts single-family home and condominium sales surged in July on a year-over-year basis, while median sale prices for both property types reached all-time highs for the month of July, according to a new report from The Warren Group, publisher of Banker & Tradesman.
Last month, the median single-family sale price increased 6.3 percent to $407,000, up from $383,000 a year earlier. The median single-family home price has now exceeded $400,000 for two consecutive months. Single-family home sales in July totaled 6,715 transactions, a 6.8 percent increase from July 2017. Year-to-date, the median price rose 5.6 percent to $385,000 while sales edged 0.8 percent lower with 33,219 transactions.
“The shrinking home inventory continues to push median prices higher across Massachusetts,” said Cassidy Murphy, associate publisher and media relations director of The Warren Group. “Although based on historical trends, there has been a median home price reduction between July and August for ten straight years. Prospective buyers entering the marketplace at the tail end of summer can probably expect some relief soon.”
Concurrently, there were 5,634 purchase mortgages for single-family homes in July, marking a 5.6 percent increase on a year-over-year basis. July purchase mortgages totaled $2.39 billion – a 10.6 percent increase from a year earlier. Year-to-date, there have been 29,457 purchase mortgages across Massachusetts totaling $11.59 billion.
Condominium sales in July totaled 2,526 transactions, marking a 5.2 percent increase on a year-over-year basis. Meanwhile, the median condo price increased 7.2 percent to $385,000, which is unchanged from the previous month. Year-to-date, condo sales increased 3.3 percent with 14,367 transactions compared to the same period in 2017, while the median price rose 10.3 percent to $375,000.
“Although condo prices remained unchanged on the month-over-month basis, this is the largest year-over-year price hike for the month of July since 2005,” Murphy continued.
Condos accounted for 1,861 purchase mortgages last month, a 3.7 percent increase on a year-over-year basis. July condo purchase mortgages totaled $657 million, an 11.8 percent increase from July 2017’s $587 million.
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