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November breaks monthly home sales record for Massachusetts
There were 5,124 single-family house sales recorded last month in Massachusetts, a 1.2 percent rise over November 2016, according to the real estate analysis firm. Through 11 months of the year, there have been 55,968 recorded home sales, up a slight 0.4 ...
Colin AYoung/State House News Service
More homes were sold in Massachusetts last month than in any previous November on record and the median price of those homes rose for the 20th straight month, according to The Warren Group.
There were 5,124 single-family house sales recorded last month in Massachusetts, a 1.2 percent rise over November 2016, according to the real estate analysis firmThrough 11 months of the year, there have been 55,968 recorded home sales, up a slight 0.4 percent compared to 2016.
"Despite decades of data points showing a significant slowdown in real estate transactions during the fall and winter months, the Massachusetts housing market continues to perform at an impressive rate," Cassidy Murphy, editorial and media relations director of The Warren Group, said in a statement"As we’ve seen in previous months, the state’s unique dynamic between supply and demand continues to push prices to record highs."
The record sales numbers come as many Massachusetts residents struggle to afford housing and as Beacon Hill officials weigh housing policy bills - a major housing bond bill is expected to gain momentum in 2018 and GovCharlie Baker recently offered legislation to spur cities and towns to build more housing.
Continuing a trend that began in April 2016, the median single-family sale price rose 5.7 percent in November to $369,000, up from $349,000 a year earlierThe median sale price rose 2.5 percent from $360,000 in October 2017.
Despite the record number of transactions last month, six counties -- Barnstable, Dukes, Franklin, Middlesex, Nantucket and Norfolk -- saw their total number of transactions decline last month, according to data provided by the Warren Group.
Reflecting on a positive year for the Massachusetts housing market on a podcast, Murphy was asked whether 2018 might be a tipping point at which housing inventories shift in a way that benefits buyers.
"I doubt it," she replied quickly"It's just not something I think can be addressed with the market the way it currently is ..there's just not enough housing for the people who are already here, who want to live here, and there's not enough places for people to move intoIf a seller lists their house then they better be moving out of the state ..because there are no houses for them to buy."
Condominium sales also increased in November, with 2,152 condo units sold compared to 1,966 sold last November -- an increase of 9.5 percentThe median sale price rose by 4.8 percent, hitting the highest November median price in 12 years at $351,025, the Warren Group said.
Year-to-date, condo sales in Massachusetts were up 4.3 percent through November at 22,965 and the median price of $340,500 was up 3.2 percent over the same 11-month period in 2016, according to the Warren Group.
Nationally, home prices rose 6.2 percent from a year ago in October amid strong demand and a shrinking supply of for-sale properties, according to new data from the S&P CoreLogic Case-Shiller U.SNational Home Price NSA IndexAnalysts from the S&P Dow Jones Indices said that the rate of growth in home prices is outpacing growth in wages, a dynamic which might lead more potential home buyers to instead find a place to rent.
"Underlying the rising prices for both new and existing homes are low interest rates, low unemployment and continuing economic growthSome of these favorable factors may shift in 2018," David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said in a statement"Since home prices are rising faster than wages, salaries, and inflation, some areas could see potential home buyers compelled to look at rentingData published by the Urban Institute suggests that in some West coast cities with rapidly rising home prices, renting is more attractive than buying."
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