The Massachusetts real estate recovery showed no signs of slowing down in October, as home sales surged.
According to The Warren Group, a total of 4,044 single-family homes were sold in Massachusetts during October, a 21 percent year-over-year improvement. In the first 10 months of 2012, home sales are up 22 percent compared to the same period in 2011.
"Home sales for the first 10 months of the year have already surpassed sales in all of 2011," said The Warren Group CEO Timothy Warren Jr. "Record low mortgage rates, an improved economy and growing consumer confidence are boosting the housing market in Massachusetts and around the country."
The median price for a single-family home was $270,000, the lowest in seven months. In the 10 month period between January and October, the median price is $287,500, nearly a 1 percent drop from the same period last year.
Hammond Residential Real Estate senior sales associate John Ranco told the Boston Globe that home sales could be even higher if it weren't for a limited supply of available properties.
