REGIONAL SPOTLIGHT—August brought both high temperatures and strong transactions in New England. Total transactions increased 2.3% vs. July 2011 for the second straight month, and year-over-year transactions also increased 8.9%. Vermont and Massachusetts were the only states in the region to experience a decrease in transactions; median prices were down only slightly at -2.1% from July 2011.
“We’re pleased to see an increase in transactions in August without any artificial stimulus,” says Jay Hummer, executive vice president, RE/MAX of New England. “Although the housing recovery will continue to hit bumps along the way, it is slowly returning despite tighter lending because of continued low interest rates.”
In August 2011, New England posted an 8.9% increase in sales compared to August 2010, indicating that the housing market continues to recover. New England states summary:
• Connecticut was also the only state to experience month-to-month gains in both units sold, up 6.6%, and median price, up 1.7%.
• Maine also experienced New England’s largest increase in units sold, with month-to-month sales up 8.4%. However, the median price took a hit, dropping -6.6%.
• Month-to-month home sales in Massachusetts actually dropped -3.0%. However, when comparing August 2011 to August 2010, home sales were actually up 2.6%.
• New Hampshire’s 8.0% surge in month-to-month home sales was second only to Maine.
• Rhode Island helped fuel the surge, with year-over-year home sales up over 31% in the Ocean State. Month-to-month home sales were also up 7.6%.
• Vermont helped fuel the surge, with year-over-year home sales up 18.8%. However, it was also the only state in the region to post month-to-month declines in both units sold, -6.7%, and median price, -3.3%.
For more information, visit http://www.remax-newengland.com/.