Categorized | Residential

Home Sales Increase in Massachusetts

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For the first time in six months, the number of home sales in the state of Massachusetts has increased. The numbers improved seven percent over last month, giving real estate analysts hope that the housing market in the northeastern part of the United States may get out of its slump.

Experts, however, believe that the increase may have been an exception rather than the norm, and don’t hold high hopes that the real estate market will see any real improvements any time soon. The reason for their pessimistic attitude stems from the fact that the housing market has fallen so far already, and that the minimal increase still does not even bring them close to the desired sale levels. In fact, when comparing home and condo sales in the state to where they were at the same time last year, it is evident that there has been a major decline in the numbers.

While home sales did increase this past month, the average price of each sale did experience a very miniscule decrease. Real estate agents are hopeful that, with real estate prices somewhat leveling out, and mortgage rates sitting at record lows, that potential homeowners will see now as the ideal time to buy a home. Many sellers have come to realize that they will not be able to sell their home at prices that were realized during the real estate boom, and thus, they are settling for much lower final sale prices. That is good news for buyers, though they must still overcome the hurdle of tightened lending standards on mortgage loans from the banks.

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About James Pattric

James writes for the Residential category (along with Josh Johnson) and also heads up the Resources category.

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