Optimism in MA Housing Market
According to a new report, Massachusetts' housing market is picking up speed. August marked the 14th straight month that sales of single-family homes in the state went up compared to the same month the year before.
Across Massachusetts, buyers closed deals on more than five-thousand homes last month -- a 20% increase from August 2011. Cory Hopkins is with the Warren Group, a firm that analyzes real estate data for New England. He says the boost in sales is a result of increasing consumer confidence and historically low interest rates.
"If you miss your chance now you may never get a chance to finance a home that inexpensively. The Federal Reserve has certainly indicated these past few weeks here that they're looking to do whatever they can to keep those rates low -- to even 2014."
Hopkins says median single-family home prices have remained flat since this time last year. And he says that's a real incentive for first time buyers to enter the market. Hopkins says as the the market gains momentum -- prices have to rise slowly -- or they'll scare away these sorts of folks.
Where Western Massachusetts is concerned, Hopkins says gains have been more modest. But he says year-to-date sales are up and healthy statewide.