Mass. Home Sales Down, But Prices Are Higher
It was a mixed month of May for the Massachusetts housing market as sales of single-family homes fell while sale prices edged higher.
The Massachusetts Association of Realtors said Tuesday that sales of single-family homes dropped nearly 17 percent compared to the same month a year ago.
The group said the median selling price for a single-family home was $300,375, up slightly from $299,000 in May 2010.
The independent Warren Group reported a drop of more than 25 percent in home sales compared to a year ago, but said the median sale price was $304,000, compared to $294,000 in May 2010. The Warren Group also reported that condo prices jumped more than 7 percent.
The organizations use slightly different figures in their calculations.
"The increase in median prices last month for both single-family homes and condos could be an indication that buyers are a little more eager to get into the game, and not insisting on super-low prices," said Warren Group CEO Timothy Warren.
Warren said the question in his mind now is whether prices will rise again in June.
"If we see the median prices rise for two months in a row, it might be an early indicator of an improving market," Warren said. "It has been a long time since we've seen prices inch up like this."
With reporting from the WBUR Newsroom and The Associated Press
This program aired on June 28, 2011. The audio for this program is not available.