Categorized | Residential

Residential Real Estate Sales Up in Massachusetts

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The residential property market in Massachusetts appears to finally be getting back on track. Overall home sales increased again in September, making it three straight months that the state has seen sales rise in the state.

The number of housing sales increased by roughly seven percent since the previous month. Despite the increases, some residential property experts are not overly optimistic about the housing market in the state. They believe that the market will finish the year as one of the worst ever in housing sales and prices.

The average home price in Massachusetts dropped for the first time in months to two hundred and ninety thousand dollars. It is the first time since April that the state’s average housing price fell below three hundred thousand dollars.

Condominium sales in the state reflected a complete opposite of sales in the single-family homes market. Condo sales fell nearly three percent. However, their average price did increase to more than two hundred and seventy-five thousand dollars.

There is hope that the housing market will continue to experience increases despite the opinion of some analysts. With the HARP program facing modifications that will benefit new and current homeowners, and residential mortgage loan rates hovering around all-time lows, many analysts believe that the market has the potential to rebound strongly.

The Northeast has, as a whole, experienced decent increases in the last quarter. While the numbers are still not even close to levels seen during the housing boom, they are recovering from those seen following the crash. While they may never hit the prices experienced during their boom, there is hope that they will continue to slightly increase once again.

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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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