Massachusetts Home Buyer Guide

More than 19,500 houses sold through May of 2016 in Massachusetts, a 28.2 percent increase compared to the first five months of 2015, The Warren Group, publisher of Banker & Tradesman, reported June 28, 2016. 

Homebuyers closed on 19,554 single-family homes through May compared to 15,258 during the same period last year. 

Single-family home sales in May increased 20.9 percent to 5,297 sales compared to 4,382 houses sold in May 2015.

The median price of a single-family home increased about 2 percent to $347,000, the highest median price in eight months, compared to $340,000 in May 2015. Through May the median price increased just 0.2 percent to $325,500. 

Single-family home sales have increased 20 percent or more every month on a year-over-year basis during 2016, according to The Warren Group CEO Timothy M. Warren, Jr, and over the past 12 months Massachusetts has had double-digit increases in home sales. 

Condominium sales increased 9 percent in May to 2,146 units sold compared with 1,969 condos sold in May 2015. May was the 12th straight month of increased condominium sales. Through May condo sales have increased 19.4 percent to 7,845 units sold compared to 6,753 condos sold during the same five-month period in 2015. 

The median condo price in Massachusetts increased 4.4 percent in May to $335,000 compared to $321,000 in May 2015. From January through May condominium prices increased 3.2 percent to $310,000. 

Strong home sales should continue through the summer given recent Massachusetts pending home sales data released earlier this month. Mortgage interest rates have remained attractive and recent stock market volatility should keep interest rates near the recent multi-year low.