By PBN Staff
By PBN Staff
BOSTON – Sales of single-family homes in Massachusetts posted a year-over-year increase in June for the first time since January, real estate data tracking firm The Warren Group reported Tuesday.
The Bay State recorded 5,795 single-family home sales in June, representing a 3.7 percent increase compared with 5,589 sales in June 2013. Year-to-date sales through June fell, however, dropping 1.8 percent to 21,272 sales from 21,662 sales the previous year.
In Bristol County, home sales dropped 1.1 percent to 375 sales in June compared with 379 sales during the same month in 2013. Through June, year-to-date sales in the county were largely unchanged, falling half a percent to 1,531 sales from 1,538 sales.
“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 price for a single-family home sold in the Bay State last month rose 2.8 percent to $359,900 from $350,000 in June 2013. The median price in the first six months of 2014 was $329,900, an increase of 4.7 percent year over year.
Bristol County’s median price for June was $271,551, an increase of 7.8 percent over the June 2013 price of $252,000, while the year-to-date median home price rose 4.2 percent to $250,000.
Condominium sales statewide in June totaled 2,429 compared with 2,187 a year earlier, an increase of about 11 percent. Year-to-date condo sales also posted an increase, of 9.7 percent, rising to 9,592 from 8,744 sales during the same period in 2013. Condominium sales have consistently performed better than single-family home sales in Massachusetts during the past six months.
Seven condos were sold in Bristol County in June, compared with nine condos in June 2013. Year-to-date condo sales through the end of June fell slightly from 43 sales in 2013 to 42 sales this year.
The median condo price in Massachusetts rose 1.6 percent from a year earlier in June to $325,000, while the year-to-date median price rose 8.7 percent to $310,000. The median condo price in Bristol County rose 7.8 percent in June to $271,551, with a year-to-date increase of 4.2 percent to $250,000.
The Warren Group is the Boston-based publisher of Banker & Tradesman, The Commercial Record and a series of association publications.