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Statewide sales of single-family and condominium homes are ticking up in the wake of an increase in home listings in many of Massachusetts’ housing markets while home prices also rose, an ordinarily-unusual occurrence being blamed on strong pent-up homebuyer demand.

Massachusetts single-family home and condo sales increased 7.5 percent and 4.3 percent, respectively, in May according to the latest data from The Warren Group, publisher of Banker & Tradesman.

Last month, there were 3,887 single-family home sales in Massachusetts, a 7.5 percent increase from May 2023. Meanwhile, the median single-family sale price increased 7.9 percent on a year- over-year basis to $636,000, up from $589,450 in May 2023 – a new all-time high, The Warren Group said.

There were 1,922 condominium sales in May 2024, compared to 1,843 in May 2023 – a 4.3 percent increase. Meanwhile, the median sale price rose 4.6 percent on a year-over-year basis to $550,000 – a new all-time high for the month of May.

“Typically, increased sales would temper price growth, but the pent-up demand from homebuyers is redefining market dynamics,” Cassidy Norton, The Warren Group’s media relations director, said in a statement.

May marked the second month in a row of year-on-year increases in home sales, according to The Warren Group, and the fourth month in 2024 where numbers of new single-family and condo listings statewide grew on the same basis according to the Massachusetts Association of Realtors. The month ended with 6,146 new single-family houses having hit the market, a 17.5 percent jump year-on-year, and 2,535 new condo listings, a 5.8 percent jump.

May was also only the second month in the last 12 where the number of single-family homes for sale on the market increased year-over-year, albeit only by 1.8 percent to 5,896 houses. Condo inventory shrank 6.1 percent year-on-year, to 3,018 units.

“Though we’re encouraged by the increases in inventory and sales observed for single-family homes in May, housing costs continue to be a barrier for prospective buyers across the Commonwealth,” Amy Wallick, 2024 president of MAR and sales agent at Lamacchia Realty, said in a statement. “Given these favorable current conditions, we’re hopeful that more sellers will enter the market and help alleviate the ongoing inventory issues we’ve been dealing with for decades to increase opportunities for buyers to find a home.”

That increase in houses and condos for sale has buoyed the Greater Boston, Cape Cod and Worcester-area housing markets, but skipped over the Pioneer Valley. Market-watchers there say many sellers are still reluctant to list with mortgage rates still quite high. While interest rates have been dropping thanks to investors’ shift from U.S. Treasury bonds to stocks and other investments, the average interest rate on a 30-year, fixed-rate home loan is still 6.95 percent, according to the most recent survey by mortgage-buyer Freddie Mac. That average began the month at 7.22 percent.

Year-to-date, there have been 14,005 single-family home sales in Massachusetts, The Warren Group said, a 2.1 percent increase from the first five months of 2023. Meanwhile, the year-to-date median single-family home price increased 9.3 percent on the same basis to $590,000. Year-to-date, there have been 7,016 condo sales, a 0.5 percent decrease from the first five months of 2023 with a median sale price of $530,000, a 6.0 percent increase on the same basis.

There were 1,929 single-family home sales in the Greater Boston housing market in May 2024, The Warren Group said, which marked a 7.3 percent increase from May 2023 when there were 1,798 transactions. Meanwhile, the median single-family sale price increased 6.7 percent on a year-over-year basis to $800,000. In May, there were 1,423 condo sales, up from 1,362 sales in May 2023, marking a 4.5 percent increase on a year-over-year basis. Meanwhile, the median condo price rose 3.3 percent on the same basis to $635,000, up from $615,000 a year earlier.

The Warren Group defines the Greater Boston market as encompassing the area within the Interstate 495 corridor.

Mass. Home Sales Rise Amid Listings Bump

by James Sanna time to read: 2 min