Mass. home prices arise 14%

The median cost for a single-family home in Massachusetts rose to $313,000 final month, scarcely 14 percent aloft than during Apr 2012 as increasingly fervent buyers and a singular register of houses on a marketplace total to pull adult values, information expelled Wednesday show.

April noted a seventh uninterrupted month of rising home prices, according to a , a Boston organisation that marks internal genuine estate. Between Jan and April, a median offered cost climbed to $294,000, 11 percent aloft than during a initial 4 months of final year, according to Warren.

The high cost boost comes as a series of homes sole forsaken again. Statewide, 3,504 single-family homes were sole in April, about 1 percent fewer than during that month in 2012.

“There is high direct and low register this spring, that is causing this settlement of rising prices and dropping ,” pronounced Timothy M. Warren Jr., arch executive of Warren Group. “Low debt rates and solid are assisting buoy .”

Tight inventory, however, did not harm sales of condominiums in April. climbed some-more than 8 percent compared with a same time final year, Warren Group reported. The median cost for a condo rose to $280,000, about 1 percent above a Apr 2012 level.

Housing specialists pronounced they are disturbed that if some-more people don’t confirm to put their homes adult for sale soon, a region’s genuine estate zone could sputter. The series of single-family homes on a marketplace in Massachusetts final month fell by 27.1 percent compared with Apr of final year, according to a of Realtors, that also expelled information Wednesday.

The series of declined by 32.4 percent final month.

But there are some signs a housing break could ease. New listings for both condos and single-family homes rose by double-digit margins in April.

“With home prices improving, sellers are finally gaining a certainty they need to list their home,” pronounced organisation boss Kimberly Allard-Moccia, owners of Century 21 Professionals in Braintree.

“This should assistance pierce us closer to a some-more offset market,” she added.

Earlier this week, total expelled by a SP/Case-Shiller Home Price Indices showed home values in a Boston area increasing by 6.7 percent in Mar compared with a same time final year.

Nationwide, home prices increasing 10.9 percent compared with Mar 2012, Case-Shiller reported, and values were aloft in all 20 metro areas totalled by a firm.

Because Case-Shiller measures repeat homes sales, it is deliberate a arguable magnitude of a US housing market.

Article source: http://www.bostonglobe.com/business/2013/05/29/massachusetts-home-prices-keep-rising-demand-continues-outstrip-supply/o65ZWspltuu3Y9MG6QpHfM/story.html

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