...By Kiley Black
Sales of single-family home in Massachusetts jumped in July for the first time in six months when compared to the July last year, an encouraging sign for the state's real estate market. This jump reversed the trend that kept the Massachusetts real estate market in a real slump.
The Massachusetts Association of Realtors reports that sales of single-family homes increased more than 14% from July 2010. The Warren Group reported a 7% increase. The organizations use slightly different methods of calculation.
The president of MAR says sales were spurred by affordable prices and low interest rates, although some people may have been scared away from entering the market because of uncertainty over the debt ceiling debate.
Both groups said the median price of a single-family home decreased slightly when compared to the previous July.
While this jump in July home sales is encouraging, there is no doubt about that, the actual picture is skewed a bit because the expiration of the home buyers tax credit expired in June last year which caused a slump in July.
Talk over the past couple months about the debt ceiling has definitely caused some qualified buyers to hold off on making purchases.
Information from Business Week and Boston Herald