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Home & Condo Prices Keep Climbing

Posted on Friday, July 28, 2017 by Northshore
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State House News Service Jul 25, 2017...
The median prices for a single-family home or condominium in Massachusetts hit their highest marks ever for the month of June but analysts warn that prices may be approaching unsustainable highs, according to a report out Tuesday. The Warren Group reported that the median sale price of a single-family home in June increased 6.2 percent to $395,000, above last June's $372,000 median price. It's the fifteenth consecutive month with a year-over-year increase.  There were 7,472 single-family Massachusetts homes sold in June, a 1 percent increase over June 2016 and the highest total for June since 2004.  "The rise in median price and total sales will surprise nobody, considering the trajectory that these statistics have been on all year," Timothy Warren, CEO of The Warren Group, said. "However, the fact that the median is just a hair under $400,000 is unprecedented, and perhaps worrisome. The growth in the number of home sales has slowed due to the fact that so few homes are for sale. Prices are being driven up, but are they sustainable?" Through June of this year, single-family home sales are up 0.7 percent compared to the first six months of 2016, while the median price is up 6.3 percent. The median sale price of condos rose by 3.6 percent in June, checking in at $357,500. The 3,007 condos sold in June 2017 mark a 5.6 percent increase in sales over June 2016 and year-to-date condo sales were up 7.5 percent through June.

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