Industry News

Real estate sales set record in Massachusetts

Median home price grew 11.5% last year from 2003

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The Massachusetts housing market enjoyed its best year ever in 2004, as home-buying activity rose to record levels across the state, a new report issued by the Massachusetts Association of Realtors shows. Home prices also rose for an eleventh consecutive year during 2004, with double-digit appreciation observed in both the detached single-family home and condo markets. In 2004, the MAR report found that sales of detached single-family homes increased 8.7 percent in Massachusetts, from 46,410 homes sold in 2003 to 50,441 this past year. The 2004 sales volume establishes a new state record for single-family home sales in a single year, eclipsing the prior record of 50,401 homes sold in 1998. Condominium sales also set a new all-time high in 2004, rising 26.7 percent to 19,710 last year to shatter the old record of 15,560 units sold during 2003. "We've seen unprecedented demand for housing this past year, especially among entry-level buyers who are taking advantage of the increased pu...