Bay State home sales reach highest level in nine quarters
The Bay State, which was once floundering under an influx of foreclosures, is back in recovery mode and recently struck its highest home sales level in nine consecutive quarters.
The Warren Group, which publishes Banker & Tradesman in Massachusetts, noted that 13,861 home sales were recorded in the third quarter, up from 11,691 a year ago.
September home sales in the state also reached 3,791 sales, an 8% increase from 3,507 sales during the same month of last year.
Even as sales increased, the median home price of a single-family home dropped 4.5% from last year in September, reaching $277,000. This is the first time in four months the median price has fallen below $300,000.
Year-to-date, Massachusetts home sales are up 22%, reaching 35,482 transactions when compared to 29,088 sales a year earlier.
Massachusetts home sales also grew in the summer months, according to Warren Group data.
Still, the firm warns changes in employment levels could impact recent growth spurts on the housing side of the market.
"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," said 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."