Massachusetts’ Sales for Single- Family Homes Increase

January 27, 2011 / Russell Legato, Residential Property Analyst

The long- distressed housing market in Massachusetts appears to have stabilized last year, as sales for single- family homes were down less then 1% compared with 2009’s figures, and median prices are up by 3.5% to about $295,000, according to statistics released yesterday. The final statistics were aided by a strong increase of 6.9 % in sales for single- family homes for the month of December 2010, which offsets the downturn in some other months.

Massachusetts’ Sales for Single- Family Homes Increase

According to a Boston- based company that delivers local real estate data— Warren Group, the boost in sales for single- family homes in the housing market has marked up the first increase since June 2010.

Even as more and more single- family homes were sold, annual median prices were down by nearly 6% in December 2010, the only month of the year when home values declined compared with the figures in 2009, said Warren Group.

The range of numbers prompted a number of local economists to say that the housing market in Massachusetts is still bouncing down from the bottom, which hit first in March 2009.

According to S&P/Case Shiller Home Prices Indices’ data, Massachusetts’ housing market has fared fairly well than the rest of United States, as home values for single- family homes were down by 16.3% from the September 2005’s peak.

The president of Massachusetts Association of Realtors, Laurie Cadigan hoped that sales for single- family homes and the housing market would continue to increase as prices decline, and worried that the harsh weather will take its toll on the market.

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