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Boston Area Market Continues to Gain Momentum

For the eleventh consecutive month, the number of detached single-family homes rose in May, increasing 20 percent over the same month one year ago. Double digit increases in sales growth have now been observed in each of the first five months of 2012. The last time home sales improved for 11 consecutive months on an annual basis was August 2009 – June 2010. The increased sales activity is being driven by record low mortgage rates, a healthier labor market, and rising rents in greater Boston, all of which are motivating buyers to get off the fence and enter the housing market. Unseasonably warm weather this winter and spring also provided an early jump start to the spring market and has helped to lift sales during each of the first five months of the year.

Condo sales have also jumped 30.8 percent in May, increasing from 767 condo sold a year ago, to 1,003 this May. It is the largest percentage increase in monthly condo sales on an annual basis since June 2010, which was the final month to qualify for the federal home buyer tax credit program. Condo sales have also experienced double-digit sales gains during the first five months of 2012.

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