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House Sales in Bay State

 
          Massachusetts' real estate market continued to smolder last month as the number of sales and the price of homes continued their steady ascent in a tight market.

 
          Sales of single-family homes climbed 13.8 percent to 5,925 making last month the best August since 2005, according to market tracker The Warren Group.
 
          The median price of a single-family home also rose -- by 10.6 percent -- to $340,000 last month, up from $307,500 a year earlier, marking the 11th consecutive month of median price increases.
 
"It's a feeding frenzy, and people want to get in now before prices go up even further," said Timothy M. Warren Jr., CEO of The Warren Group. "My concern is that the market remains sustainable and we don't see another crash. If it should persist, then it would be a little irrational exuberance."
 
          Condominiums also did well last month, with the number of sales increasing 2.5 percent to 2,512 while the median price climbed 14.7 percent to $319,950.
 
          Greater Boston saw similar trends as closed sales rose 10.6 percent for detached homes and 5.2 percent for condominiums, while the median sales price rose 6.1 percent to $520,000 for single-family homes and 9.7 percent to $416,950 for condominiums, according to the Greater Boston Association of Realtors.
 
          "There's still a substantial shortage of inventory," said Paul Yorkis, president of Patriot Real Estate in Medway and Boston region vice president of the Massachusetts Association of Realtors. "Homes that have been priced intelligently have received multiple offers."
Courtesy of Marie Szaniszlo
- See more at: http://bostonherald.com/business/real_estate/2013/09/housing_sales_in_bay_state_keep_up_climb#sthash.Q4PV0JAv.dpuf

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