Boston Area Home Prices Up 6.6 Percent in April

Boston area home prices were up by 6.6 percent in April compared to the same month last year, besting the statewide increase of 5.8 percent.

According to a new study by CoreLogic, a California-based property information and analytics provider, the Massachusetts trailed the national average increase of 10.5 percent. California led the nation with a 15.6 percent price increase in April, while Arkansas ranked last at 0.5 percent.

CoreLogic said U.S. home prices likely increased by 1 percent in May and are projected to increase 1 percent through April 2015.

Anand Nallathambi, president and CEO of CoreLogic, said home sales will continue to suffer from a lack of inventory, a factor that also will continue to drive prices up over the year.

Statewide Pending Home Sales Up

Boston area home prices were up in April and pending sales statewide hit all time highs in MayPending single-family sales across Massachusetts posted its biggest May since the Massachusetts Association of Realtors began tracking the data a decade ago.

The number of single-family homes put under agreement last month increased 7.2 percent compared to the same time last year as 6,372 homes went under contract compared to 5,944 a year ago. This is the 15th straight month of year-over-year increases, MAR reported. While demand was up, so were prices. The median sales price of single-family homes put under agreement in May soared to $349,000, up 7.4 percent from $325,000 in 2013.

Pending sales of condominiums also rose in May. The number of condos put under agreement last month increased 3.7 percent to 2,440 units, up from 2,353 in 2013.

Pending sales, also called homes under agreement, is an indicator of actual housing sales for the next 90 days. A pending sale or a sale “under agreement” is when the buyer and seller agree on the terms of the sale of a home and have a signed purchase and sale agreement, but have yet to close.

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