Home Sales and Prices Increased for October 2014
As we predicted in August and September, the number of homes sold in October increased compared to October 2013. According to data provided by the Warren Group, there were 6,798 homes of all types (single-family, condo, multi-family) sold in October this year compared to last October when there were 6,678 home sales, an increase of 2%.
The reason we expected home sales to go up in October is because last September and October the government shutdown had a negative effect on the housing market. Because Congress didn’t pass a budget, a percentage of IRS employees were furloughed. Mortgage companies use 4506 request forms to verify income from the IRS, and with the shutdown this part of the loan process was delayed. As a result October 2013 home sales suffered because buyers stayed on the sidelines in late September 2013.
Sales for single-family homes rose 2% compared last year: 4,404 sold in October compared to 4,326 last October.
Condo sales went up as well. There were 1,799 condo sales in Massachusetts this year compared to 1,724 condos sold in October last year, an increase of 4%.
Multi-family home sales dropped compared to last year: 595 multi-family homes sold in October compared to 628 last September, a decrease of 5%.
The average selling price for a home in October was $368,673, up 2% compared to last October, when the average price was $361,344.
The average price for a single-family home in Massachusetts was $415,186 up 4% compared to last October when it was $400,409. Condo prices were flat at $281,380, compared to $282,187 last October; and selling prices for multi-family homes also stayed flat at $394,309 compared to $392,413 last year.
Home sales and prices were both up in Southern New Hampshire (Cheshire, Hillsborough, and Rockingham Counties). There were 1,049 home sales of all types in October compared to 977 in October of last year, an increase of 7%. The average selling price for a home in Southern New Hampshire rose to $257,918, up 10% compared to October last year when it was $234,518.
Our prediction for November is that home sales will be down in Massachusetts and up slightly in New Hampshire.
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