Massachusetts home prices are so high, not even low mortgage rates put them within buyers’ reach.
The median sale price for most existing single-family homes was higher in the first quarter of 2021 than it was a year ago, thanks to high demand and limited inventory, according to data from the National Association of Realtors, first reported by the Wall Street Journal.
Of the 183 metro areas tracked by the trade association, the only one didn’t see prices increase year-over-year. That would be Springfield, Illinois, where prices dipped by 2.4 percent.
The other 182 others, however, saw prices soar, with 89 percent of seeing increases of more than 10 percent from the previous year
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In Massachusetts, the median price for single-family homes climbed 3 percent to $315,000 in July from $305,000 during the same month last year, The Warren Group, publisher of Banker & Tradesman, reported. July was the second straight month of the year that the median price exceeded $300,000. The median price for homes sold January through July was $297,000, up almost 6 percent from $281,000 in the prior year.