The Bay State’s housing boom continued through August with 6,284 single-family home sales, a 16 percent year-over-year increase. It was the third straight month of double-digit growth, according to a new report from The Warren Group, publisher of Banker & Tradesman.

Last month was the first time single-family home sales climbed above the 6,000 mark in August since 2005, when there were 6,570 sales.

The median sale price of single-family homes in August 2015 was $359,000, a 3.2 percent increase from August 2014’s median of $348,000. Year-to-date the median price is $345,000, a 3 percent increase from last year’s mark of $335,000 through August.

Jim Nemetz, a senior vice president with Hammond Real Estate in Chestnut Hill, said 2015 has been a very good year and expects it to finish strong.

“I expect a good clip of activity between Thanksgiving and the end of the year,” Nemetz said. “Sales prices sound astronomical, especially in Brookline and Newton, but with the current interest rates, they’re affordable to professionals who work in Boston.”

A significant jump in mortgage interest rates could change that, according to Nemetz; houses in the middle range are flying off the market, but houses in the $1 million and over range are taking longer to sell.

The coming months could stay strong: the fall market is a good time to buy because inventory is good and buyers have less competition, he said.

“Everyone wants to buy a house in the spring, close in the early summer, so they’re all moved in and the kids are ready to start school in September,” Nemetz said. “It’s a wonderful plan; the problem is, too many people have the same plan and that’s what drives the bidding wars.”

The condominium sales market was strong in August as well, with 2,433 sales across Massachusetts. That’s a 9.3 percent increase over August 2014, when 2,226 condos sold.

The median condo price this August was $330,000, up 1.9 percent from August 2014, when the median was $323,950. Year-to-date the median condo price is $320,000, up 1.6 percent from $315,000 at this time last year.

Year-to-date, Massachusetts has had 35,031 single-family home sales, an 8.1 percent increase from last year’s total through August of 32,404. There have been 14,566 condo sales through August, a 3 percent increase over last year’s year-to-date total of 14,143.

“The homes that closed in August all went under agreement in the May and June,” Nemetz said. “We’ll see the pace drop off a little in September. It happens every year.”

Massachusetts Home Sales Continue Sizzling Summer Streak

by Jim Morrison time to read: 2 min
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