Single-family home prices in Massachusetts reached a new high for March, according to data released by The Warren Group.
Last month, the median single-family sale price in the state reached $377,000, a 6.2 percent year-over-year increase and an all-time high for the month of March. There were 3,667 single-family home sales recorded last month, up 0.6 percent from March 2018 when there were 3,647 transactions. Year-to-date, Massachusetts has recorded 9,716 single-family home sales with a median sale price of $370,000.
Also during March, there were 3,306 purchase mortgages for single-family homes, up 1.6 percent on a year-over-year basis. March purchase mortgages totaled $1.28 billion, a 5.5 percent increase from one year ago. Year-to-date, single-family homes have accounted for 8,749 purchase mortgages across Massachusetts totaling $3.35 billion.
“It’s not surprising to see the median single-family home price continue its upward trend,” The Warren Group Associate Publisher and Media Relations Director Cassidy Norton said. “Demand remains high and inventory low; it will be interesting to see if supply will be able to keep up with demand as more sellers begin to list their homes in the coming months.”