Mass. home sales, prices increase

WALTHAM, Mass. – Home sales in Massachusetts ticked up for the eighth consecutive month in February, according to the Massachusetts Association of Realtors.
The association said there were 1,882 detached single-family homes sold in February, a 14.3 percent increase from the 1,647 homes sold during the same period last year. The median selling price in February rose to $271,950, an increase of 7.7 percent from February 2009, marking the third year-over-year price improvement in a row.
“February was another good month for the Massachusetts real estate market, as momentum continues to build toward more normal market levels across the state,” said association President Kevin Sears, broker/co-owner of Sears Real Estate in Springfield. “While more homes for sale would help ensure prices stabilizing, it was a positive sign that February had the smallest percentage drop since year-over-year inventory declines started 23 months ago.”
The inventory of single-family homes as of Feb. 28, 2010, decreased 3 percent from February 2009 to 25,317 listings. The association said that translated into 13 months of supply, down from 15.4 months of supply last year and up from 12 months in January 2010.
Still, February supply was at its lowest level since February 2002 and down 32 percent from the February peak of 35,907 homes in 2006. February marked the 23rd consecutive month that inventory has gone down compared with the previous year.