Massachusetts home sales continued to rise steadily in February, as median prices also posted gains.
Single-family home sales rose 8.1%, while condominiums increased 6.0% from last year, according to the Massachusetts Association of Realtors. Supply continued to hit record lows, as inventory of single-family homes fell 68.4% from last year and condo inventory was down 33.6%.
The median price for single-family homes last month was $462,500, up 17.1% year over year. Condominium prices rose 5.1% to $425,750 over the same time period.
Prices continue to be driven by high demand, low supply and record low interest rates, according to MAR President Steve Medeiros.
“While interest rates did increase in February compared to January, they remain lower than previous years and this is contributing to the strong buyer demand,” Medeiros said. “This is not something I believe will majorly impact home sales, though it is important to take this shift into consideration when thinking about buying or selling a home as interest rates contribute to the overall affordability index.”