The Massachusetts Association of REALTORS (MAR) reported today that buying activity remained strong through late spring/early summer as single-family home sales and prices were up again in August. The condominium market also experienced increases in both closed sales and median prices compared to a year ago.
August closings indicated buyers were reacting to the ongoing concern of rising interest rates, said 2013 MAR President Kimberly Allard-Moccia. Buyer demand is steady, but folks are going to find it increasingly difficult to find a home if inventory doesnt improve.
There were 5,568 detached single-family homes sold this August, a 7.1 percent increase from the 5,198 homes sold the same time last year. This is the fifth straight month of year-over-year increases. On a month-to-month basis, home sales were down 3 percent from 5,750 homes sold this past July.
The median selling price for single-family home in August was $345,000 which was up 8.8 percent from $317,000 in August 2012. This is the 11th straight monthly year-over-year increase. On a month-to-month basis, the August median selling price was slightly down from $350,000 in July 2013.
There were 2,269 condominiums sold this past August, an increase of 6.4 percent from the 2,126 condos sold the same time last year. This is the 20th straight month of year-over-year increases. On a month-to-month basis, condominium sales were down just 1.2 percent from 2,297 homes sold this past July.
The median selling price for condominium in August was $320,500 which was up 10.3 percent from the $290,000 median price in August 2012. On a month-to-month basis, the August median selling price was up 1.7 percent from $314,500 in July 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.