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August Bay State Home Sales Jump 20 Percent

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REGIONAL SPOTLIGHT—Sales of both Massachusetts single-family homes and condominiums rose in August – the seventh straight month both property types posted a year-over-year increase, according to the latest report by The Warren Group, publisher of Banker & Tradesman.

A total of 5,118 single-family homes sold in Massachusetts in August, a 20 percent increase from 4,262 sales in August 2011. This is the second time sales have surpassed the 5,000 mark this year. Year-to-date sales are up 24 percent at 31,733, compared to 25,581 during the same period a year ago.

“One more month of strong home sales confirm speculation that the housing market recovery is underway,” says The Warren Group CEO Timothy M. Warren Jr. “Even though we are comparing to a slow August last year, the consistent sales volume of 4,000 to 5,000 in the past few months is a promising indicator.”

The median price of single-family homes increased 1.6 percent to $310,000 in August, up from $305,000 a year earlier. This marks the third straight month this year that the median price exceeded $300,000. The median price for homes sold January through August was $290,000, down 1.7 percent from $295,000 in the prior year.

“In past housing market recoveries, we’ve seen sales volume increase before prices followed,” Warren says. “Perhaps these low prices will lure even more buyers into the market and bring a sustained recovery.”

In August, condominium sales statewide increased 40 percent – continuing the significant sales volume increase throughout much of this year. A total of 2,432 condos sold in August, up from 1,736 a year ago. Year-to-date condo sales are up almost 28 percent, rising to 13,040 from 10,173 during the same period last year.

The median condo price dropped 4.3 percent in August to $279,000, down from $291,513 a year earlier. The year-to-date median price of condos in the Bay State is $279,900, up almost 2 percent from $275,000 a year ago.

For more information, visit www.thewarrengroup.com.

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