Mass. home sales soar again in April
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Mass. home sales soar again in April
With soaring home prices and limited inventory, it’s not surprising that Massachusetts ranks sixth among states where homeowners spend the most on housing, according to a report released by Wallethub.
The personal-finance company analyzed the prices of rent, mortgage and home energy across the nation and found that Massachusetts homeowners spend an average of 34.6% of their median monthly household income on their homes. That figure is outpaced only by the cost of homeownership in Hawaii, California, Oregon, Nevada and Washington.
For those who don’t own their homes, the situation is even more dire. According to the study, Massachusetts ranked third in the United States for rental outlays. Bay Staters shell out an average of 48.8% of their median monthly income on housing.
“Homeowners and home buyers have faced whiplash over the past few years, with housing prices soaring and interest rates fluctuating from historic lows back up to the highest rates in more than a decade,” WalletHub Analyst Chip Lupo said. “In order to manage expensive mortgage payments and other key housing costs, it’s important for homeowners to budget effectively.”
Mass. home sales soar again in April
April home sales soar, marking largest annual increase since 2021
Single-family home sales in the Bay State had the largest year-over-year increase since June of 2021, according to the Warren Group’s April 2024 sales report.
Last month, single-family home sales increased 6.8% from the year before, as the median price reached $610,000.
January and February boasted year-over-year increases of 0.4% and 0.2% respectively.
Last month, 3,100 single-family homes sold, up 6.8% from April 2023. Meanwhile, the median single-family sale price grew 9.9% to $610,000, a new high for the month and the first time single-family home prices exceeded $600,000 this year.
Cassidy Norton, associate publisher and media relations director of the Warren Group, said the significant year-over-year increase in single-family home sales in Massachusetts is a positive indicator for both buyers and sellers.
“The market has been exceedingly tight in recent years as mortgage rates and building costs rose,” Norton said. “More sales didn’t move the needle on home prices, however; the median single-family home sale price in April rose nearly 10%. This also marked the first time the median price has exceeded $600,000 in 2024, approaching the record high of $615,000 set in June 2023.”
Since January, 10,113 homes have sold, up 0.1% from the first four months of 2023. During the same period, the median single-family home price rose 9.5% to $575,000.
The condo market in April also experienced positive changes.
Condo sales rose 7.9% to 1,613 transactions, compared to 1,495 in April 2023. Meanwhile, the median sale price increased 3.4% to $532,500, also marking a new high for the month.
“Though the median sale price of a Massachusetts condo rose a mere 3.4 percent, that was enough to read an all-time high for the month of April of $532,500,” Norton said. “The condo market faces the same headwinds as the single-family market, and a rise in the number of sales is a welcome change.”
So far this year, 5,094 condos sold across the state, down 2.2% from 2023, with a median sale price that’s up 7.1% to $525,000.
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It really is a recovery.
Single-family home and condo sales in Massachusetts continue to soar last month.
The evidence: the Warren Group’s October stats, showing a 21 percent surge in single-family home sales and a huge 48.8 percent boost in condo sales last month, compared to last year’s figures. The YTD sales increase for single-family homes is now 22.2 percent, according to Warren data.
Median prices continue to be relatively flat, for both homes and condos, indicating it’s still a relative buyer’s market, especially with interest rates so low.
An update — The Case-Shiller Price Index has more good news on the housing front: U.S. home prices are generally rising across the country, though not necessarily in the Boston area. Not that we need higher prices here. Housing is expensive enough as it is in Massachusetts. For now, we’ll take just the rise in actual sales, thank you.
File under: Happy holidays home shopping
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