The median price of a single-family home in the Bay State posted a modest increase of 1.6 percent in November, marking the tenth time prices have increased year-over-year in 2014, according to the latest report by The Warren Group, publisher of Banker & Tradesman.
The median selling price of a single-family home in Massachusetts increased to $315,000 compared with $310,000 in November 2013. Year-to-date, the median selling price climbed 2.2 percent to $330,000 compared with $323,000 during the same period last year.
November sales of single-family homes also rose slightly, with a total of 3,878 homes sold compared with 3,871 a year earlier. Year-to-date, sales decreased by 2.4 percent, with 45,021 homes sold compared with 46,141 during the same timeframe last year.
"Ending the year with increases in both sales and prices for single-family homes is a good way to enter a new year of buying and selling,” said Timothy M. Warren Jr., CEO of The Warren Group. “We have seen sales of single-family homes inch up two months in a row now. Perhaps the good employment statistics in recent months are having a positive impact.”
Condominium sales statewide decreased 14.0 percent in November. A total of 1,408 condos sold, down from 1,634 in November 2013. Year-to-date, condo sales were up slightly by almost 2.0 percent, rising to 19,073 from 18,751 during the same period last year.
The median condo price fell 4.6 percent in November to $290,000, down from $304,000 a year earlier. The year-to-date median price of condos in the Bay State was $310,000, up 4.4 percent from $297,000 a year ago.
