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Real Estate ArticlesJune Homes Sales in Massachusetts Promising
Score another point for the federal tax credit. Massachusetts is reporting single-family home sales in June were up almost 25 percent. This represents the most homes sold in the state in a given month since June 2006. The Massachusetts Association of Realtors said the $8,000 tax credit (set to expire in June, although extended) was the reason sales were up.
"As we expected, there was a big jump in sales in June as buyers pushed to close before the June 30 deadline to take advantage of the tax credit," according to Massachusetts Association of Realtors president Kevin Sears. "The tax credit did its job getting the market moving again. Activity over the next few months will answer whether the momentum was sustained." Historically, spring is a good time for Massachusetts' real estate. This June, single-family home median selling prices were up over 8 percent over June 2009. The median price increased $25,150 to $331,150. The June median was up almost 11 percent over the May 2010 median as well. Condo prices in the state fared even better with a June to June increase of over 31 percent. Sales from May to June were up 30.3 percent. Overall, June condo sales of 2,131 units were the most sold in a month since August 2007. The median price of a Massachusetts condo of $285,000 in June represented a year to year increase of 3.6 percent. The federal tax credit, originally set to expire June 30 for closed sales, was extended to September 30. With the additional time, Realtors expect sales volume to remain strong. They are taking a wait and see approach on what happens after September 30. While these results are definitely promising, and realtors are excited about the increased sales activity, they are cautiously optimistic. Noting that the tax credit played a significant role in increasing volume, they are maintaining a careful watch to determine if the market momentum continues past summer into the slower fall season.
You can talk about... June Homes Sales in Massachusetts Promising Tags: • optimistic • momentum • deadline • massachusetts • median price • condo sales • real estate • home sales • single family • tax credit • federal tax • homes sales • massachusetts real estate • single family home • Related articles:
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