Mass. home sales, prices rebound
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Mass. home sales, prices rebound
Massachusetts home sales, median prices reach new highs in October
Sales of single-family homes and condominiums in Massachusetts, as well as median sale prices, reached new highs last month, according to the Warren Group’s October 2024 Sales Report.
October single-family home sales were up 11.6% year over year to 3,926 transactions, and the year-over-year median price increased 6.9% to $615,000, setting a new record for the month.
Cassidy Norton, associate publisher and media relations director of the Warren Group, said October’s single-family home sales in the Bay State showed a modest year-over-year increase in volume, signaling a slight rebound in activity despite the challenging market conditions.
She also noted that sales still remain significantly below historical norms due to persistently limited inventory and elevated mortgage rates.
“The average mortgage interest rate dropped to the lowest level so far this year in September; homes put under agreement then closed in October,” Norton said. “This likely contributed to the rise in the number of sales, as buyers took advantage of the brief relief in interest rates. This combination of constrained supply and strong demand continues to push prices higher, even as buyers navigate affordability challenges.”
Since January, 34,784 homes have sold, marking a 1.6% increase from the first 10 months of 2023. During the same period, the median single-family home price rose 8.2% to $616,925.
Condo sales also increased and median condo price also hit a new high.
Condo sales rose 5.6% to 1,649 transactions, compared to 1,562 in October 2023. Meanwhile, the median sale price increased 2.2% to $511,000, marking a new all-time high for the month.
Norton said October was a strong month for the Massachusetts condo market.
“These figures reflect sustained demand and resilience in the market, even amidst broader economic uncertainties,” she said.
So far this year, 15,843 condos sold, a 3.2% decrease from 2023, with a median sale price that’s up 4.8% to $539,900.
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Mass. home sales, prices rebound
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Existing-home sales returned to positive territory in September, as the median price also posted a month-over-month gain, the National Association of Realtors said.
Total existing-home sales, which are completed transactions including single-family homes, townhomes, condominiums and co-ops, jumped 7% from August to a seasonally adjusted annual rate of 6.29 million in September. Year over year, however, sales slid 2.3% from 6.44 million transactions in September 2020.
The median existing-home price for all housing types in September was $352,800, up 13.3% on an annual basis, as every region in the country registered price increases. The increase marks 115 straight months of year-over-year gains, the NAR said in a press release.
Total housing inventory at the end of September stood at 1.27 million units, down 0.8% from August and down 13% from a year earlier. September’s unsold inventory represents a 2.4-month supply at the current sales pace, down 7.7% from August and down from 2.7 months
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Mass. home sales, prices rebound
The median price for single-family homes in Massachusetts shot up in January when compared to the same month last year, driven by low mortgage rates, tax credits and an improving economy.
The Massachusetts Association of Realtors said Tuesday that the median price of a single-family home jumped 14.1 percent in January compared to the year-ago period, to $300,000 from $263,000.
The Warren Group, a Boston-based tracker of real estate data, said the median price rose 9.6 percent over the year to about $285,000.
The two organizations use different calculation methods, but both reported that it was the second consecutive month of increasing prices.
Both groups also reported a double-digit surge in condominium prices, and a significant increase in the number of homes sold.
The following are excerpts from the Boston Herald:
Sales of single-family homes jumped 11.8 percent to 2,153 last month, up from 1,926 in January 2009 – posting double-digit percentage increases for the fourth month in a row, according to The Warren Group’s latest data released this morning.
Condominium sales and median prices also surged last month. Condo sales soared 25.3 percent to 1,011 in January from 807 a year earlier. Condo sales have climbed by more than 10 percent year-over-year for four straight months.The median condo price jumped 16.7 percent to $245,000 from $209,900 in January 2009. It was the third straight month that median condo prices increased year-over-year.
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