Business Brief: July homes sales highest since June 2006

Business Brief: July homes sales highest since June 2006

Single-family house sales in Massachusetts during July exceeded pre-recession housing boom levels, extending a 10-month climb in home prices, according to The Warren Group. The 5,941 sales last month amounted to the greatest monthly volume in a month, since June 2006, when there were 6,152 sales. The July 2013 volume beat the “best July” total, set in 2005, when there were 6,672 sales, according to the real estate and finance publishing company, as reported by the State House News Service.

“Many recent real estate reports have signaled a strong real estate recovery, and our numbers speak to that rebound,” said The Warren Group editorial director David Harris in a statement. “While consumer confidence and strong employment numbers continue to bolster the market, there’s concern that higher mortgage rates and increasing home prices could dampen the revitalized market.”

Others have expressed concern for the state economy. The unemployment rate rose to 7.2 percent in July. House prices have been on an upward swing, with the median single-family home price at $349,000 last month, 10 percent higher than last July and the tenth consecutive month of median price increases. The July 2013 single-family home sales volume was up 18 percent from the 5,014 sales in July 2012. Condominium sales also rose in price and volume over last year. July 2013 condo prices stood at $310,000, a five percent increase from July 2012, and the number of sales was up nearly 17 percent, rising to 2,336 for the month.