Industry News

Massachusetts real estate posts record sales, prices

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Sales of detached single-family homes and condominiums in Massachusetts soared to record highs during the third quarter, according to data issued today by the Massachusetts Association of Realtors. The unprecedented demand led to a 45th consecutive quarter of home-price gains and has the market on a pace that would make 2004 the best year ever for home sales in the Bay State, the association reported. The MAR report shows that during the third quarter sales of detached single-family homes increased 6 percent over year-ago levels, from 14,725 units closed in the summer months of July-September 2003 to 15,603 in the same three-month period this year. Meanwhile, condominium sales rose 29.1 percent in the summer quarter, from 4,814 units closed in the 2003 third quarter to 6,217 in the third quarter of 2004. It's the fifth consecutive quarter that sales of existing single-family homes have risen over the comparable period one year earlier, while condo sales have improved for six con...