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Bay State Home Sales Continue to Climb in September

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Regional Spotlight—Massachusetts single-family homes sales increased again in September, while prices slipped back below $300,000, according to the latest report by The Warren Group, publisher of Banker & Tradesman.

A total of 3,791 single-family homes sold in Massachusetts in September, an 8 percent increase from 3,507 sales in September 2011. Sales also increased in the third quarter – rising to 13,861 from 11,691 during the same period in 2011. Year-to-date sales are up by almost 22 percent at 35,482, compared to 29,088 during the same period a year ago.

“Home sales have reached the highest level in nine quarters, a strong sign that consumers have regained some confidence in the economy and are making home purchases with more enthusiasm,” says The Warren Group CEO Timothy M. Warren Jr. “But, the end of the summer selling season and a slight increase in unemployment could mean sales will slow at the end of the year.”

The median price of single-family homes dropped 4.5 percent to $277,000 in September, down from $290,000 a year earlier. This is the first time since May that the median price statewide dropped below $300,000. Third quarter median prices held stable – dropping just 0.6 percent to $301,250 from $303,000 in the third quarter 2011. The median price for homes sold January through September was $290,000, down 1.6 percent from $294,700 in the prior year.

In September, condominium sales statewide rose more than 23 percent to 1,609, up from 1,306 a year ago. Condo sales in the third quarter increased 33 percent to 6,024, compared to 4,529 during the third quarter 2011. Year-to-date condo sales are up 27.5 percent, soaring to 14,641 from 11,479 during the same period last year.

The median condo price held steady at $275,000 in September, a 0.16 percent drop to $275,450 a year earlier. Third quarter median prices are down 3 percent, decreasing to $281,000 from $290,000 in the prior year. The year-to-date median price of condos in the Bay State is $279,000, up 1.5 percent from $275,000 a year ago.

For more information, visit www.thewarrengroup.com.

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