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Home Sales Show Strong Gains in July 2012

July was another strong month for home sales in both Massachusetts and New Hampshire*. 29.5% more homes of all types—condos, single-family, and multi-family—sold in July of this year compared to July 2011 in Massachusetts. In New Hampshire, there was a 52% increase in sales of all home types.

This is the seventh straight month we’ve seen an increase in monthly home sales in 2012 when compared with the same months in 2011. So far this year, July showed the highest jump in the amount of home sales for New Hampshire compared to last July, and the second highest increase in home sales for Massachusetts (behind May, which showed an increase of 33.6%).

Average home prices increased in many towns as well.

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In the Boston area, condo sales drove many of the increases in overall home sales. In Jamaica Plain, for instance, condo sales rose 23%, and showed a 10.98% increase in the average selling price at $394,538. Condos in South Boston sold for $455,526 in July of this year, an increase of 11.09%. 83 condos sold in South Boston in July of this year, an increase of 56% compared to last July.

In Essex County, the average home selling price in North Andover was $372,364, up 27.67% compared to July of last year.

In Cape Cod, homes in Hyannis sold for an average of $221,996, an increase of 6.45%. In Plymouth County, Rockland home sales rose 127%, with an average home price at $238,693, an increase of 36.74%.

In Worcester County, the price for a home in Shrewsbury rose 33.40%, selling for an average of $310,528. Ashland in Middlesex County saw a 41% increase in the amount of homes sold and also saw a jump in home prices. A home in Ashland sold for $369,044, up 16.85% over last year. Homes in Belmont sold for 14.57% more in July than July of 2011, at an average selling price of $624,524.

The number of single-family homes sold in Mansfield last month more than doubled compared to July 2011. The average selling price for a home in Mansfield was $299,407, an increase of 26.41%.

Needham in Norfolk county saw a 4.18% increase in prices, with an average selling price of $583,672. Weymouth saw a big jump in the amount of homes sold: 50 single-family homes sold in July compared the same month last year, an increase of 56%; the selling price rose 4.1%, at an average of $279,834 for a single-family home.

In New Hampshire, the number of homes sold in Manchester jumped 30%, with an increase in the average selling price up 16.24% compared to last year, at $198,034. Sales of single-family homes in Windham doubled in July compared to last year, and showed an average price increase of 20.51% at $413,391.

With low interest rates and vacancy rates at their lowest level since 2005, we expect August to be another strong month for home sales in both Massachusetts and New Hampshire.

View home prices by town.

*Reports provided by The Warren Group. Copyright ©2012 The Warren Group.  All Rights Reserved.