Mass. Home Prices Bounce Back After Losing Streak
Buyers also have reason to be hopeful heading into the holiday home shopping season.
Real estate agents across Massachusetts will have a little something extra to give thanks for this Thanksgiving.
Bay State home prices bounced back in October after seeing a two-year win streak stop cold in September. The state’s median home price rose 1.6 percent last month to $325,000, compared to the year before, the Massachusetts Association of Realtors reports.
Sales were also up in October, albeit by a modest 0.4 percent, ending an eight-month losing streak.
Meanwhile, condo prices rose 1.4 percent, to a median of $300,000, while sales rose 4 percent, ending six months of declines.
“It’s definitely a positive sign to see home sales increase in October,’’ said MAR President Peter Ruffini, regional vice president at Jack Conway & Co., in Norwell, in a statement.
While agents and sellers may be cheered by the rebound in prices, buyers have some reasons to be hopeful as well heading into the holiday home shopping season.
More than 6,000 homes and more than 2,200 condos were put up for sale in October, a 2 and a 2.1 percent increase, respectively, over last October, according to the real estate trade group.
“Buyer activity and accepted offers continue to be strong, and we’ve seen inventory starting to increase in many market areas over the past several weeks – all the key ingredients to increased sales,’’ Ruffini said.
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