The Massachusetts housing market continued its spring surge in April, with sales growing at their fastest pace in four years and prices continuing to climb.
Sales of single-family homes jumped 34.7 percent compared to the same month last year, according to data from The Warren Group, while condos surged 18.6 percent. While the jump is likely driven, in part, by a rebound from the rough winter of 2015, it also reflects strong demand from buyers trying to move before interest rates climb, said Warren Group chief executive Tim Warren.
"Sales are soaring," he said. "Buyers are out in force while prices remain below their peak in many communities. And threats of rising interest rates are pushing everyone to close their deals soon."
Through the first four months of 2016, sales of homes and condos combined were running 29 percent ahead of last year's clip.
All the activity is driving up prices, too. The median sales price for a single-family home in Massachusetts is now $336,850, up 3.9 percent compared to last year. The median condo price is $321,000, up 7.9 percent.