Sales of single-family homes and condos skyrocketed in Massachusetts in November, perhaps the strongest evidence yet that, yes, we’re in a full-blown housing market recovery.
Single-family home sales soared by 38 percent to 4,539 last month, compared to a year ago, for the 11th straight month of sales increases. Meanwhile, condo sales jumped by an almost equally impressive 33 percent to 1,635 last month, according to the Warren Group.
Even though housing inventories are low and sales are hot, housing prices surprisingly haven’t kept pace so far this year. The median single-family home prices jumped to $275,000 last month, up from $270,000 from a year ago. But prices are still overall down for the year, the Warren Group said.
Not that we’re complaining too much. Home prices here are already ridiculously high. But the year-long price trend has indeed been odd and probably will change in coming months, as evidenced by the November price numbers.
An update – Scott ponders the big question: “Will crazy home prices return in 2013?”