RISMEDIA, February 26, 2010—Median prices for single-family homes and condominiums in Massachusetts jumped significantly in January 2010 compared to a year earlier, according to a report released recently by The Warren Group, publisher of Banker & Tradesman.
The median price for single-family homes sold in January rose 9.6% to $285,000 from $260,000. It was the second consecutive month that median prices for single-family homes increased by about 10% when compared to the prior year. Sales of single-family homes jumped 11.8% to 2,153 from 1,926 in January 2009, posting the fourth consecutive month of double-digit percentage increases in single-family home sales.
“The gains in both sales volume and median prices are a vast improvement to the housing market’s slow start last year. The improving economic picture and incentives like the home buyer tax credit and low mortgage interest rates have aided the housing market,” said Timothy M. Warren Jr., CEO of The Warren Group. “Still, it’s important to keep in mind that last month’s median selling price is 12% lower than it was in January 2008.”
Condominium sales and median prices also surged last month. The median condo price jumped 16.7% to $245,000 from $209,900 in January 2009. It was the third straight month that median condo prices increased year-over-year. Condo sales soared 25.3% to 1,011 in January from 807 a year earlier. Condo sales have climbed by more than 10% year-over-year for four straight months.
For more information, visit www.thewarrengroup.com.