Home Sales Up in March for Ninth Consecutive Month
For the ninth consecutive month sales of single-family homes rose in March, increasing 15.2% over the same time last year. Furthermore, the 650 single family homes sold in March is the highest sales volume for the month in five years, dating back to March 2007 when 838 homes sold. Although the percentage increase in year over year sales during March is more modest than the 33% gain from February, this marks the third consecutive month of double digit sales growth on an annual basis. Low mortgage rates, an improved job market, and rising rents in greater Boston are all helping to boost home buying activity.
The condominium market also saw a nearly 10% increase in sales in March compared to last year, marking the eighth time in nine months that condo sales have improved on an annual basis. Overall, condo sales improved 8.2% in the first quarter of 2012 as compared to the same three month period one year ago. On a month to month basis, condo sales rose sharply, climbing 56.8% in March from one month earlier. While down nearly 33% from the record sales level for the month of 897 condos sold in March 2007, the 602 condos sold in March 2012 historically ranks as the sixth best sales total for any March in Greater Boston.
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