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What's going on in the Boston area real estate market?
August closings were another example of buyers reacting to the market and the ongoing concern of rising interest rates in the spring and early summer. Prices continue to move up because demand for available homes to buy is outpacing supply. Changes to National Flood Insurance Programs starting on Oct. 1 could hurt the Mass. Housing market. Congress needs pass a one-year moratorium to better understand impact.
• August single-family home sales – Up 7.1% over last year. Five straight months of increases.
• August Single-family median prices were UP 8.8% to $345,000. Eleven straight months of increases.
• August condo sales UP 6.7% and median prices UP 10.3% ($320,500)