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BOSTON, February 28, 2012 – Single-family home sales in Massachusetts rose more than 3 percent in January, while median prices dropped nearly 4 percent, according to new data from The Warren Group, publisher of Banker & Tradesman.

A total of 2,425 single-family homes sold statewide in January, up from 2,348 in January 2011. This is the highest January sales volume for single-family homes in Massachusetts since January 2007, when there were 2,953 transactions.

“After a decline in sales volume in December, it’s promising to see the highest sales volume in five years in January,” said Timothy M. Warren Jr., CEO of The Warren Group. “Given low mortgage rates and steady prices, there’s hope this year may fare a bit better.”

The median sale price of single-family homes decreased for the fourth consecutive month in January. Median sale prices dropped 3.7 percent in January to $260,000, down from $270,000 in January 2011. This is the fifth consecutive month that median home prices have remained below $300,000.

“Low prices are bringing buyers to the market,” Warren said. “Recent pending sales data are a hopeful sign for a strong spring market, and the weather this winter is certainly an improvement over 2011.”

Condominium sales statewide decreased in January, dropping 4.3 percent to 903 from 944 in January 2011.

The median condo price in January inched up 1 percent to $247,500 from $245,000 in January 2011.