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Home Prices in Massachusetts Up for Second Month in a Row

Average home prices in Massachusetts rose for the second month in a row in March. The average selling price for a home in Massachusetts in March was $321,227, up 5.17% compared to March 2012.Home Prices by Town

Prices for single-family homes in Massachusetts remained flat compared to March last year. The average price for a single-family home in Massachusetts was $355,861 this year compared to $355,505 in March of last year.

Condo and multi-family home prices in Massachusetts contributed to the rise in overall home prices. Multi-family home prices increased 13% to an average of $320,139, while condo prices rose 11% to an average of $265,852.

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The number of home sales dropped for the second consecutive month. There were 4,829 homes sold in March of this year compared to 4,903 in March of 2012. Low housing inventory has had an effect on the number of home sales. There were 23% fewer homes for sale in March 2013 compared to March 2012, which contributed to a 1.5% drop in the total number of home sales compared to the same period last year.

In Southern New Hampshire, the number of home sales increased 5.5% in March compared to March 2012, due to the large increase in single-family home sales. The number of condo and multi-family home sales both showed decreases yet there were 466 single-family home sales in March compared to 422 last March, a 10% increase.  Home selling prices in New Hampshire decreased 4%, to an average of $212,265 compared to $221,294 in March 2012.

Read: 25 Hottest Towns in Massachusetts for 2013

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