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Home prices, sales on rise in Boston area

The typical increase in home sales as summer approaches failed to materialize nationwide last month, with average sales dropping 0.2% from April to May.

How are Boston home sales in 2021?

Month-over-month sales in Boston bucked the trend, climbing 12.4%, according to the RE/MAX May National Housing Report.

RE/MAX provided a pre-pandemic average from 2015-2019, showing that the average gain from April to May is 13.9%.

Nationwide how is the housing inventory?

Nationwide, the number of months of available housing inventory sunk to 1.1%

How is the Boston condo inventory in 2021?

Boston the number of months’ supply dropped 30.8% from April to 0.9 months. That’s about a third of what it was a year ago when the number stood at 2.6 months.

“The first small step toward a more balanced market may have appeared in May, as home prices finally stabilized after a long run of sustained increases. At the same time, cooling sales defied typical April-May trends, and report records were set for low inventory and fast turnaround times,” RE/MAX, LLC President Nick Bailey said in a press release.

What is the median housing sales price in 2021?

The median sales price nationwide remained steady at $320,000, which is 17% above the median of $273,498 a year ago.

“May had a little something for everyone – with buyers finally getting a break on prices, sellers benefiting from a lack of competitive inventory, and both sides served by speedier listing-to-contract periods.” Bailey added. “The market still tilts mainly toward sellers, but we could be seeing the first signs of a return to more balance after the hottest stretch of sales in years. Ultimately, that would be good for both buyers and sellers.”

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Home prices, sales on rise in Boston area

Home prices in Greater Boston have increased for three straight months and the number of houses selling is up sharply, suggesting that the long housing slump is over.

June home prices were a strong 2.6 percent above the previous month, and the number of single-family homes that sold statewide in July was a whopping 12 percent higher than a year ago. While these data come from different sources, and measure different components of the real estate market, they point to a market that is heading upward.

Housing industry specialist Karl E. Case, a professor of economics at Wellesley College, said the Boston market is “bottoming out.’’ He noted that the housing index he cofounded, the S&P/Case-Shiller home price indexes, showed several months of prices increasing in Greater Boston.

“That’s significant,’’ Case said.

Source: Boston Globe

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