The Massachusetts Association of Realtors (MAR) reported an 18.5 percent increase in single family home sales in June compared to this time last year, while median prices stayed flat. The sales increase in June marks the 12th straight month of year-over-year sales increases, indicating a rebounding market.
"While the housing market isn’t fully recovered at this point; 12 straight months of year-over-year increases is significant and certainly positive news," said 2012 MAR President Trisha McCarthy, broker at Keller Williams Realty in Newburyport, in a statement. "Prices continue to bump along the bottom and could start to rise, especially if buyers remain active and fewer sellers enter the market."
Inventories also declined, dropping 17.4 percent from June 2011 (35,930 listings in 2011 to 29,663 listings in 2012). That works out to 8.3 months of supply, down from 11.6 months of supply last year and also down slightly from 8.8 months in May 2012. This was also the largest single month year-over-year decrease since 2007.
Detached single-family homes stayed on the market an average of 104 days in June 2012, which was up one day from 103 days in June 2011. On a month-to-month basis, days on market for single-family homes were down from 112 days in May.
