A significant boost in sales of single-family homes in Massachusetts in October compared to the same month last year is further proof of a recovering housing market, two organizations that track real estate said Tuesday.
Sales shot up by nearly 19 percent year over year, while median prices rose almost 10 percent to $313,050, the highest level since October 2007, according to The Warren Group, a Boston-based publisher of real estate data. Year-to-date sales are up almost 7 percent.
"The pace of the housing market has surpassed expectations this year," said The Warren Group CEO Timothy M. Warren Jr. "Pent up demand is still high following several years of slow activity, and the improving economy is helping to boost the market."
The Massachusetts Association of Realtors reported a year-over-year sales jump of more than 12 percent, and a median price hike of about 12 percent to $320,000.
"The buyer activity, despite the relatively few homes for sale, really picked up in the spring and remained high into the fall," organization President Kimberly Allard-Moccia said. "If sellers continue to sit this market out and inventory continues to shrink, we're going to see fewer qualified buyers able to keep up with the increasing prices. Full recovery is close, but now it is up to the sellers to help make it happen."
The organizations use slightly different numbers in their calculations.
Condominium sales and median prices were also up, both organizations reported. October had the most closed condominium sales since October 2005, the realtors' group said.
This article was originally published on November 26, 2013.
This program aired on November 26, 2013. The audio for this program is not available.