September sales report helps explain why it’s so hard to buy a house right now
Homes are flying off the market faster than new ones are coming on.
The fall real estate market kicked off with a bang in September with the biggest increase in home sales across Massachusetts since 2005, new stats show.
Sales of single-family homes jumped 25 percent last month, compared to the year before, to 5,430 for the month, The Warren Group reports.
Home sales rose 14 percent in Boston and nearly 17 percent Quincy, the Boston-based real estate data and publishing firm finds.
Home prices also increased, though at a more modest pace, rising 3.1 percent to a median price of $330,000. Year to date, through September, home prices are up 2.1 percent over last year, Warren Group numbers show.
Condo sales were up by nearly 20 percent, though the median price stayed relatively flat at $300,000 after edging up .2 percent.
The big increase in sales capped a surge that began in late spring and gained momentum after the summer, fueled by a combination of a rising economy and pent-up demand after the infamous arctic winter of 2015.
“September’s numbers are a continuation of the strongest spring and summer market Massachusetts has seen in 10 years,’’ said Tim Warren Jr., chief executive of The Warren Group, in a press release.
First-time buyers and empty nesters looking to downsize helped drive demand, Warren noted.
In fact, sales have been so brisk that homes are flying off the market faster than new ones are coming on, the Massachusetts Association of Realtors found in a separate report.
While the number of homes for sale across the state rose 5.7 percent in September compared the year before, the overall number of listings actually fell by more than 16 percent, the real estate group found.
MAR also reported an 18 percent increase in sales and a 4.8 percent rise in the median price of a home, pushing it past the $340,000 mark.
Massachusetts towns and cities where homes are selling really fast:
To comment, please create a screen name in your profile
To comment, please verify your email address
Conversation
This discussion has ended. Please join elsewhere on Boston.com