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Bay State Home Sales at Highest Level Since 2006

Home sales in Massachusetts remained strong in July despite rising interest rates, data from the ""The Warren Group"":http://www.thewarrengroup.com/ revealed.

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Sales for single-family homes rose 18 percent compared to July 2012 to 5,941--the highest level since June 2006, the Warren Group reported. Sales also reached the highest level for the month of July since 2005, when 6,672 homes were sold.

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From January to July, Bay State home sales totaled 27,600, up 3.5 percent from compared to the period a year ago.

""Many recent real estate reports have signaled a strong real estate recovery, and our numbers speak to that rebound,"" said David Harris, editorial director of The Warren Group. ""While consumer confidence and strong employment numbers continue to bolster the market, there's concern that higher mortgage rates and increasing home prices could dampen the revitalized market.""

The median price of a single-family home also improved, increasing 10 percent year-over-year to $349,000 in July.
So far, prices have posted annual gains for 10 straight months now and surpassed the $300,000 mark for four consecutive months, The Warren Group reported.

Year-to-date, the median price averaged $320,550, up 12 percent from the same time a year ago.

The Warren Group also found an increase in sales and prices for condominiums.

Compared to July 2012, condo sales were up 17 percent to 2,336, while condo prices improved 5.5 percent to $310,000.

About Author: Esther Cho

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