The number of single-family home sales in Massachusetts was down in April compared to the same month a year ago, but median prices rose for the seventh consecutive month, two organizations that track the market announced Wednesday.
"There is high demand and low inventory this spring, which is causing this pattern of rising prices and dropping sales volume," said Timothy Warren Jr., chief executive The Warren Group, a Boston-based publisher of real estate data. "Despite the news that sales volume is down, low mortgage rates and steady home values are helping buoy consumer confidence."
The Warren Group and the Waltham-based Massachusetts Association of Realtors reported Wednesday that the number of home sales last month was down about 1 percent compared to April 2012.
The Realtors association said median prices jumped nearly 11 percent to $315,000, compared to the previous April. The Warren Group reported that median prices jumped 14 percent to $313,000.
The groups use slightly different numbers in their calculations.
"While the lack of homes to buy over the past several months kept closed sales down, the surge in the number of new listings to hit the market in April is an optimistic sign," said Realtors President Kimberly Allard-Moccia, owner of Century 21 Professionals in Braintree. "With home prices improving, sellers are finally gaining the confidence they need to list their home. This should help move us closer to a more balanced market."
As far as condominium sales go, both groups reported an increase in year-over-year sales in April, as well as a jump in median prices.
This article was originally published on May 29, 2013.
This program aired on May 29, 2013. The audio for this program is not available.