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Mass. Home Prices Break Records as Sales Near Peak

Sales in Massachusetts are starting to hit their peak. The summer months are always the strongest for closings with July usually the biggest month. This summer, home prices in the Bay State are breaking decade-old records, according to a report out Tuesday morning from The Warren Group, publisher of Banker & Tradesman.

The median sale price of a single-family home in Massachusetts hit a record of $372,000 in June, up 1.9 percent year-over-year. The $372,000 is the highest monthly median in the commonwealth’s history, beating the August 2005 record high of $370,0000. Condominium prices hit a record median of $345,000, up 4.5 percent from the year-ago period.

Even with prices at record highs, homebuyers will still be out closing deals at a high rate: A total of 7,387 single-family homes sold in June, up 14.9 percent from a year prior, while 2,828 condominiums sold, up 14.3 percent year-over-year.

It’s a fast moving seller’s market with buyers contending with fierce competition. Demand is sky high and the number of homes sold keeps rising, even as inventory of homes for sale becomes smaller. What does this mean for you? The more you are looking to spend, the better positioned you are as a buyer!