Mass. Home Prices Hit Record High
By Colin A. Young
State House News Service
BOSTON -- More single-family homes were sold in Massachusetts last month than in any previous November and the homes sold for a higher median price than in any November before, according to real estate market analysts.
The Warren Group reported Thursday that there were 5,231 single-family home sales last month, a 2.2 percent increase over November 2017. The median home sale price rose by 4.5 percent to $385,000, also an all-time high.
Tim Warren, CEO of the Warren Group, said the median price has declined on a year-to-year basis just twice in more than four years. Steady demand is driven by the state’s solid economy and the attractiveness of real estate investments, he said.
“With the stock market in decline and the bond markets also declining so far this year and saving interest rates are at a low level, some people may be thinking that real estate is the best investment that’s available right now,” Warren said on the organization’s podcast.
There were 4,658 purchase mortgages for single-family homes in November, the Warren Group said, representing a 2.2 percent increase over November 2017.
November purchase mortgages totaled $1.77 billion and so far this year single-family homes have accounted for 49,202 purchase mortgages totaling $19.2 billion. There were 1,991 condominium transactions last month, a 7.4 percent decrease from a year earlier.