Massachusetts Home Buyer Guide

The median price of a single-family house in Massachusetts increased 3.2 percent in August to $359,000 from $348,000 in August 2014, The Warren Group, publisher of Banker & Tradesman, reported September 29, 2015.

From January through August, the median price was $345,000, a 3 percent increase from $335,000 during the same seven-month period last year.

Massachusetts homebuyers continued to push up home sales. Single-family home sales increased 16 percent in August to 6,284 sales. August was the third straight month of double-digit home sales growth, and it was the first August since August 2005 that there were more than 6,000 home sales. There were 6,750 homes sold in August 2005. Through August home sales increased 8.1 percent to 35,031 from 32,404 sales during the same time frame last year.

"This year we've been experiencing the strongest Massachusetts real estate market since the housing market started its long, steep decline in 2005. August's sales numbers have continued that trend," said Timothy Warren Jr., CEO of The Warren Group. "The months of June, July and August are the months with the most sales every year as the homes shopped during the spring season come to their closings. With double- digit increases for all three months we can say the market is booming. The fact that median price gains statewide have been steady, but moderate, gives us assurance that a new price bubble is not forming."

Condominium sales were strong in August too. The number of condos sold increased 9.3 percent to 2,433 compared to 2,226 units sold in August 2014. There were 14,566 condo sales through August, a 3 percent increase from the 14,143 condo units sold during the first seven months of 2014.

The median condo price in August was $330,000, up 1.9 percent from $323,950 in August 2014. From January through August, the median price of a condominium in Massachusetts increased 1.6 percent to $320,000 from $315,000 during the same period last year.

The Massachusetts Association of Realtors also reported September 29, 2015 that single-family and condominium inventory declined again in August. The number of single-family homes on the market decreased 17.3 percent, and August was the 43rd straight month that inventory declined on a year-over-year basis. Months supply of inventory declined 25.8 percent. The number of condos on the real estate market dipped for the 58th straight month. Condo inventory decreased 21.5 percent in August and months supple of inventory declined 26.3 percent.