The median price for single-family homes in Massachusetts shot up in January when compared to the same month last year, driven by low mortgage rates, tax credits and an improving economy.
The Massachusetts Association of Realtors said Tuesday that the median price of a single-family home jumped 14.1 percent in January compared to the year-ago period, to $300,000 from $263,000.
The Warren Group, a Boston-based tracker of real estate data, said the median price rose 9.6 percent over the year to about $285,000.
The two organizations use different calculation methods, but both reported that it was the second consecutive month of increasing prices.
Both groups also reported a double-digit surge in condominium prices, and a significant increase in the number of homes sold.
The following are excerpts from the Boston Herald:
Sales of single-family homes jumped 11.8 percent to 2,153 last month, up from 1,926 in January 2009 – posting double-digit percentage increases for the fourth month in a row, according to The Warren Group’s latest data released this morning.
Condominium sales and median prices also surged last month. Condo sales soared 25.3 percent to 1,011 in January from 807 a year earlier. Condo sales have climbed by more than 10 percent year-over-year for four straight months.The median condo price jumped 16.7 percent to $245,000 from $209,900 in January 2009. It was the third straight month that median condo prices increased year-over-year.