Great news for our local market! Boston area real estate for sale has seen an increase in both sales and prices.
Prices Up for Boston Area Real Estate For Sale
Home prices in our local market increased by 7 percent on a year-over-year basis in June. The price increase exceeded the national average of 6.2 percent for the 12-month period that ended June 30. However, Boston area real estate for sale still lags behind some large housing markets in regard to price appreciation, such as Las Vegas (up 15.2 percent) or Miami (11.5 percent).
The Case-Shiller index monitors existing home sales in major metropolitan areas and measures the price changes in a given market. It uses the year 2000 as the base for it’s calculations. According to the latest S&P/Case-Shiller report, the Boston area hit 176.28 reading in June, which translates into a 76.28 percent price increase for the average home since 2000. This is the highest reading for the Boston area since 175.72 score recorded in October 2006.
Pending Homes Sales Up
The number of pending home sales in the Boston area real estate market increased comparing to the same time last year. There were 5,339 homes which went under contract in July this year as opposed to last year’s numbers with 4,554 homes under contract.
The Boston area condo market is also doing well with an increase of pending sales comparing to a year ago. The number of condos put under agreement last month increased 9.9 percent to 2,046 units, up from 1,862 in 2013. The number of condos put under agreement last month increased 9.9 percent to 2,046 units, up from 1,862 in 2013.
For more updates on Boston area real estate for sale, visit our Boston Real Estate section of articles under our Boston Real Estate Categories to the right.
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