Massachusetts home sales jumped greatly in February, but monthly prices have gotten lower for the first time since 2014.
February saw a 31 percent increase in Massachusetts home sales with 2,868 single-family homes sold during the month, the Boston Globe reported.
As the sales figures increased to the highest level for February since 2005, median home prices declined by about 4 percent to $299,000, the Globe added. The average price last February was $310,500.
Real estate information tracking firm the Warren Group, which released the data, said that condominiums show a similar situation with increased sales but decreased median prices, according to an Associated Press article reported by WBZ.
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“I think there’s pent-up demand for housing, but people aren’t willing to spend beyond their personal income,” Timothy Warren, the chief executive of the Warren Group, was quoted by the Globe.
Existing home sales declined nationally by 7.1 percent in February, according to a National Association of Realtors report referenced by the Globe. The national median housing price, unlike in Massachusetts, increased to $210,800 from $201,900 a year earlier.