The following content was received from the Greater Boston Real Estate Board, and can be read in it’s entirety by clicking on this link: News from Greater Boston Real Estate Board
“Housing prices in metropolitan Boston continued to strengthen last month despite a softening in buyer demand due to the weak labor market, more stringent lending requirements for home mortgages, and the end of the federal home buyer tax credit.
The median selling price for a detached single-family home increased 5.4 percent in August compared to the same month last year to $490,000. It’s the sixth consecutive month – and tenth time in the past 12 months – that the monthly median home price has improved on an annual basis across the 54 cities and towns in GBAR/GBREB jurisdiction. In addition, the median selling price has climbed 40 percent from its nadir during the recent market correction, which occurred in March 2009 when the median price of a single-family home in Greater Boston fell to $350,000.
The condominium market experienced an even stronger rebound in prices over the past year, with the median selling price up 9.3 percent in August from the same month last year to $372,000. This equals the all-time high monthly median selling price for condos in Greater Boston which was first recorded in July 2007 (and also observed in July 2010). Notably, the median selling price has risen 37 percent since January 2009, when the monthly median price fell to a low of $270,000 in the recent market correction.” Continue Reading entire article, More Information
