Massachusetts Home Buyer Guide

Many real estate professionals wondered whether Thanksgiving and new federal regulations were going to slow home sales in November. In addition to holiday preparations in November, the new Truth-in-lending RESPA Integrated Disclosure (TRID) rules took effect for mortgage applications made on or after October 3, 2015.

The first closings under TRID took place in November. The new federal regulations primarily impact the way mortgage lenders do business, and the real estate industry worried the new closing disclosures would cause delays.

So far those concerns appear to have been overblown.

Massachusetts single-family home sales increased 10.3 percent in November compared to November 2014, The Warren Group, publisher of Banker & Tradesman reported December 29, 2015. 

There were 4,011 single-family homes sold in November compared with 3,635 sales in November 2014. The median sale price increased 2.2 percent to $332,000 from $324,900 in November 2014.

Through November single-family home sales increased 10 percent statewide. There were 49,604 single-family homes sold through the first 11 months of 2015. There were 45,113 home sales through November 2014. The median home price through November was $340,000, up 2.3 percent from $332,500 during the first 11 months of 2014.

The Massachusetts condominium market was strong in November too. There were 1,583 condo units sold in November, a 16.5 percent increase from 1,359 sales in November 2014. The November median sales price increased 12.1 percent to $325,000 compared to $290,000 in November 2014.

From January through November, there were 20,152 condo sales, a 6 percent increase from 19,010 units sold through the first 11 months in 2014. The median condo price increased 2.3 through November to $317,147 compared to $310,000 during the same 11-month period in 2014.

Individual city/town sales data from The Warren Group.