Home sales look positive in Massachusetts as figures jumped 16 percent last month. The state's housing real estate continues to be one of the most exciting since the boom that happened in the late 1980s, a report from Boston Globe stated.
October is the Bay State's fifth consecutive month of double-digit gains in sales of single-family homes. This number included a 25-percent surge in September, a 16-percent increase in August and a 24-percent streak in July from the same months last year. These are figures from the Warren Group. Two-thirds of this year's single-family home sales have happened in the past five months which is actually the biggest of the annual share during the period from 1987 which is the same time the Warren Group used their current tracking system.
Why the strong sales? A rebound from the harsh winter depressed the sales during the earlier months of the year along with low mortgage rates as well as an improving economy have played a good part in the rising home sale streak. This analysis was from Timothy Warren, Jr., chief executive of the Warren Group, publisher of the real estate trade journal Banker & Tradesman.
Furthermore, home sales during the first 10 months of the year, which is more than 45,000, are up nearly 11 percent compared to the same period last year.
Aside from single-family homes, condominium sales increased by 8 percent last month from 20 percent in September. Median prices rose 8 percent from $290,000 to $350,000 in October 2014. Also according to the Warren Group.
Monitoring a slightly narrower segment of the real estate market, the Massachusetts Association of Realtors have reported an increase in single family home unit sales. The group mentioned that October sales have increased nearly 8 percent compared to last year while the median price increased 3 percent from $325,000 to $335,000.
It was also reported by S&P/Case-Schiller Home Price Indices which is a widely-popular measure of the housing market in the state that home prices in Boston rose 4.8 percent in September compared to last year's prices.
