Industry News

Massachusetts enjoys real estate boom

Bay State posts record home sales in second quarter

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

The Massachusetts housing market posted its most active second quarter ever this year as economic expansion, rising consumer confidence and a spike in interest rates in the second quarter fueled strong buyer demand and record sales of both detached single-family homes and condominiums, according to data issued by the Massachusetts Association of Realtors. Prospective home buyers also were drawn to the market by the largest supply of listings in six years, but that did little to ease the pressure on home prices, which rose for a 44th consecutive quarter, the association reported.    The MAR report found that during the second quarter sales of detached single-family home increased 19.5 percent over year-ago levels, from 12,548 units closed in the three months from April-June 2003 to 15,000 in the same period this year. In addition, condominium sales rose 35.8 percent during the second quarter, improving from 4,356 units closed in the second quarter last year to 5,916 in the co...