Home Prices in June Reach Highest Point in 5 Years, Sales up for 3rd Straight Month
The Massachusetts Association of REALTORS (MAR) reported today that both June sales and median prices were up and reached their highest points in several years. Both June condominium sales and prices were also up after prices had ticked down in May.
Rising median prices and the high number of closed sales in June are a good reflection of how active the Massachusetts real estate market was this past spring, said 2013 MAR President Kimberly Allard-Moccia. The growing concern that our historically-low interest rates would move higher and the continued lack of inventory prompted buyers to make offers that boosted up both prices and sales in June.
There were 5,528 detached single-family homes sold this June, a 1.6 percent increase from the 5,440 homes sold the same time last year. This is the third straight month of year-over-year increases and the most homes sold in one month since August 2005 when there were 5,662 homes sold. On a month-to-month basis, home sales were UP 16 percent from 4,755 homes sold this past May.
The median selling price for single-family home in June was $350,050 which was UP 6.9 percent from $327,500 in June 2012. This makes the ninth straight monthly year-over-year increase and the highest median price since August 2007 when the median price was $357,000. On a month-to-month basis, the June median selling price went UP 8 percent from $325,000 in May 2013.
There were 2,188 condominiums sold this June, an increase of less than a half percent (0.4%) from the 2,179 condos sold the same time last year. This is the 18th straight month of year-over-year increases and the most closed sales in a month since June 2010 when there were 2,192 condos sold. On a month-to-month basis, condominium sales were UP 12 percent from 1,954 homes sold this past May.
The median selling price for condominium in June was $320,000 which was Up 2.9 percent from the $311,000 median price in June 2012. On a month-to-month basis, the June median selling price was Up 10.3 percent from $290,000 in May 2013.
About the Massachusetts Association of REALTORS:
Organized in 1924, the Massachusetts Association of REALTORS is a professional trade organization with more than 19,000 members. The term REALTOR is registered as the exclusive designation of members of the National Association of REALTORS who subscribe to a strict code of ethics and enjoy continuing education programs.
