Is the Massachusetts housing market officially in recovery? In a recent article by Jenifer B. McKim of the Boston Ledger, she indicates that the numbers seem to say yes.
Median sale prices for single-family homes increased 8.4 percent in February, marking the third consecutive month of higher prices compared with the same three months last year, according to data released March 31st, 2010.
Sales volume also rose 13.5 percent compared with February 2009, the eighth straight month of improvement compared with the same stretch last year, according to Warren Group, a Boston company that tracks local real estate. Condominium sales and prices also were up last month.
And there was more upbeat real estate news in another housing report released earlier this week — Boston area home values swelled by 0.3 percent in January in seasonally adjusted data, according to the S&P/Case-Shiller Home Prices Indices.
“It’s too early to get the balloons and pop the champagne,’’ cautions Nicolas Retsinas, director of Harvard University’s Joint Center for Housing Studies. “At best, we are about to embark on a sluggish recovery.’’
On the upside, February’s decline was the smallest percentage drop since inventory began to fall 23 months ago, said Kevin Sears, broker for Sears Real Estate in Springfield and president of the real estate association. “Momentum continues to build toward more normal market levels across the state,’’ Sears said.
But like many others who know the business, he still won’t call it a recovery.
“I feel pretty confident that transactions are going to move forward,’’ said Rogers. “I’m cautiously optimistic.’’
(Read the full article here.)
