Single-family home sales in Massachusetts increased for the third consecutive month in September, resulting in a third quarter sales increase of 6 percent compared to Q3 2008, The Warren Group, a publisher of real estate data, reported October 27, 2009.
“The increase in home sales for three months straight is giving us some hope that the housing market is truly on the mend. We believe that some of these gains were the result of [the] first-time home buyer tax credit, which is due to expire in several weeks,” said Timothy M. Warren Jr., CEO of The Warren Group. “If this trend of increased sales volume continues through October, we may end the year with about the same number of home sales as 2008.”
Single-family homes sales increased 4.5 percent in September to 3,785 from 3,623 in September 2008. Third quarter home sales totaled 13,215, a 6 percent increase from 12,466 in third quarter 2008.
Year-to-date single-family home sales declined 3.9 percent to 29,767 from 30,987 last year. About 5 percent of single-family home sales in the first nine months of the year were real estate-owned or bank-owned properties.
The median price for single-family homes sold in September slipped 1.4 percent to $285,000 from $289,000 last year. The median price decline was the smallest drop in year-over-year monthly median home prices in about two years. The third quarter median home price dipped 3.9 percent to $299,900 from $312,000 in the previous year’s third quarter. The year-to-date median price is down 9.5 percent to $285,000 from $315,000.
The Massachusetts Association of REALTORS® reported October 27, 2009 that single-family home sales increased 4.6 percent.