Massachusetts home sales increased the most in June since June 2005 and median prices increased slightly, The Warren Group, publisher of Banker & Tradesman, reported July 28, 2015.
The median price of a single-family home sold in Massachusetts was $365,000 in June compared to $359,900 in June 2014, an increase of 1.4 percent. Through June median prices increased 1.6 percent to $335,000 compared with $329,900 during the same time frame last year. Home buyers also pushed up condominium sales in June.
The number of condo units sold increased 15 percent to 2,794 compared to 2,429 units sold in June 2014. June had the most condo sales since August 2007. June was the first month of condominium sale increases after seven consecutive months of condo sale declines on a month-over-month basis. Condominium sales declined 0.7 percent from January through June to 9,526 units sold compared to 9,590 sales during the same period last year.
Median condo prices increased 2.3 percent in June to $332,500 compared to $325,000 in June 2014. Through June the median price of a Massachusetts condominium increased 1.6 percent to $315,000 from $310,000 during the first half of 2014.
Real estate inventory in Massachusetts remained tight in June. The number of single-family homes available declined 17.2 percent and months supply of inventory declined 24.6 percent, according to data compiled by the Massachusetts Association of Realtors. Homes sold faster too, with the days on the market decreasing 5.6 percent. The inventory situation may improve a bit for home buyers, since new listings in June increased 11.6 percent.
Condominium inventory also declined in June. The number of available units plunged 23.8 percent to 5,029 from 6,598 in June 2014. Months supply of condo inventory decreased 27.5 percent. The average number of days on the market declined 10 percent. The good news for home buyers was that new listings statewide increased 11.3 percent.