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Boston, statewide home sales post gains in June

by Michael M. Mazek

quincy-boston-massachusetts

Last month was the fifth-best June on record for home sales in the Boston area, according to data released by the Greater Boston Association of Realtors (GBAR). With 1,822 single-family homes and condo units sold, the month marked a nearly 50 percent increase over May’s sales figures but finished lower than June 2017, currently the best sales June on record according to GBAR.

Following a familiar pattern, June also marked a new high point for median sales prices in the area ($652,000) as active listings fell, two symptoms of continually high demand and limited inventory.

“The fundamentals of a healthy housing market remain in place,” GBAR president Marie Presti said in a news release. “We simply lack enough homes to sell to satisfy current buyer demand. That’s led to some slowing in sales activity over the prior month, but it’s also helping to shorten market time and boost home values, making this an optimum time to sell for those considering doing so.”

Many of these trends held true for the rest of Massachusetts. The Massachusetts Association of Realtors reported a new record-high single-family median sales price of $430,000 in June, even as total sales fell on an annual basis. MAR reported that as of that month, closed sales numbers have posted year-over-year decreases or no change in 11 of the last 12 months.

“Median prices rose higher and earlier in the spring market this year, which was a signal that we could reach record prices at the height of the homebuying season,” said MAR President Rita Coffey. “At a median price of $430,000 this June, it seems our predictions have come true. However, if we don’t get more inventory, we’ll continue to see prices go up and more people priced out of the market.”

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