Boston Area Driving Recovery in Bay State Housing Market
For the tenth consecutive month sales of single-family homes rose in April, increasing 11% over the same time last year. The last time home sales improved for 10 consecutive months was September 2009 – June 2010. The increased sales activity is being driven by record low mortgage rates, a stronger job market, and rising rents in greater Boston, which have motivated buyers to enter the housing market. Historically, the 745 detached single-family homes sold in April 2012 ranks tenth best of all time, with 953 homes sold in April 1998 having set the record for the busiest April ever for home sales in Greater Boston.
Condominium sales also rose 18.5% in April, increasing from 633 condos sold a year ago to 750 this April. This marks the fourth consecutive month and ninth time in the last 10 months that condo sales have improved on an annual basis. It’s also the largest percentage increase in monthly condo sales on an annual basis since July 2011 when sales rose 21 percent over the previous July.
To access monthly data by community, check out our Local Market Update reports, and our Monthly Market Indicator Reports for comprehensive regional housing market data for the GBAR/GBREB jurisdiction.