October closed sales for single-family homes in Massachusetts jumped 19.9% from a year ago, and condo sales were up 11.2%, according to the Massachusetts Association of Realtors.
Median sales prices dropped slightly from September 2020, according to the MAR press release. Single-family home prices rose by 17.7% to $470,900, and condo prices were up 9.5% to a median $405,000. New listing inventory continues to show low trends throughout the state with a 57.8% decrease in single-families from October 2019 and 17.1% decrease for condos.
“Home sales are still booming in Massachusetts. Mortgage rates dropped again to new record lows in October, helping to offset the monthly mortgage payment increases caused by the climbing of home prices,” Kurt Thompson, 2020 MAR President and broker at Keller Williams Realty North Central in Leominster, said in the press release. “October’s numbers largely reflect purchase decisions made in the late summer/early fall, so as we head into the cooler months and holidays, we will most likely see the market start to return to its more seasonally normal pace.”