Industry News

Massachusetts real estate sales nail record in ’05

Fourth quarter reveals turning market

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Despite predictions of a housing slump, the residential real estate market in Massachusetts experienced another year of steady growth in 2005 as total sales of detached single-family homes and condominiums set a record and median prices rose for a 12th consecutive year, according to data issued this week by the Massachusetts Association of Realtors. Attractive mortgage rates, a more plentiful supply of homes for sale, and more modest price appreciation have all helped to keep demand strong amidst rising energy prices and a weak job market this past year, MAR officials said. "Once again, the local housing market has outperformed the expectations of many," said MAR President David Wluka, of Wluka Real Estate in Sharon. "With mortgage rates relatively stable and a larger supply of homes to choose from, it's been a good time to be house-hunting. Market conditions have become much more favorable to buyers in the past year." Across much of the state, the largest gains in sales activity occ...