Home sale prices in Massachusetts rose for the seventh straight month in April, blowing past the $300,000 mark last seen in April 2008, and home sales fell for the third consecutive month, according to data released Wednesday morning.
The Warren Group reported sales were down about 1 percent from April 2012, contributing to a 2.7 percent decrease in sales over the first four months of 2013, compared to the same period in 2012. The median home sale price has jumped 11 percent over the first four months of the year, compared to the January-April period in 2012.
“There is high demand and low inventory this spring, which is causing this pattern of rising prices and dropping sales volume,” said Timothy Warren Jr., CEO of The Warren Group.
Mr. Warren added, “The housing market continues to improve, but could be hindered if rising prices cause an affordability issue. Three consecutive months of double digit price increases is slightly concerning.” The median price for a home sold in April was up almost 14 percent to $313,000, compared to $275,000 in April 2012.