Mass. home sales up nearly 10 percent in August
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Massachusetts single-family home sales jumped back up in August after July had marked the first drop-off of 2016, according to data released Tuesday by real-estate tracker The Warren Group.
August home sales were up 9.8 percent compared to the same month in 2015. At a median of $364,900, home prices increased 1.6 percent from last August.
Also last month, condo sales increased by 14.7 percent over August 2015, at a median price of $345,000.
July had seen a 12.5 percent decrease in single-family home sales from the year before, marking the only month in 2016 that sales were down. The dip had indicated a tightening real estate market.
According to The Warren Group, last month was the biggest August for sales since 1999 and at the month's highest median price since 2005.
Overall, 2016 has been a hot year in Massachusetts residential real estate. Single-family home sales have seen a 14.2 percent increase through the year's first eight months of 2015, and condo sales are up 8.6 percent this year.
In a separate report, the Massachusetts Association of Realtors said the average number of single-family homes for sale had dropped by more than 32 percent between August 2015 and August 2016, marking the 55th straight month of decreased inventory, and new listings decreased by 6.5 percent.
"Prices are nearing record highs again and we desperately need more inventory to keep people in the market as we head into the last quarter of the year," Association of Realtors President Annie Blantz said in a statement.