PROVIDENCE – The median price of a single-family home in Bristol County, Mass., in July was $324,000, a 2.2 percent increase year over year, according to The Warren Group Wednesday. There were 526 single-family home sales in July, compared with 503 in July 2017.
The median price of a single-family home in Massachusetts in July was $407,000, a 6.3 percent increase over the year. There were 6,715 single-family transactions in July in the Bay State, a 6.8 percent increase from July 2017. The Warren Group also noted that there were 5,634 purchase mortgages for single-family homes in July, a 5.6 percent increase from July 2017. July mortgage purchases totaled $2.4 billion. Year to date the 29,457 purchase mortgages made have a total value of $11.6 billion.
“The shrinking home inventory continues to push median prices higher across Massachusetts,” said Cassidy Murphy, associate publisher and media relations director of The Warren Group. “Although based on historical trends, there has been a median home price reduction between July and August for 10 straight years. Prospective buyers entering the marketplace at the tail end of summer can probably expect some relief soon.”
There were also 79 condominium sales in Bristol County, Mass., in July, compared with 90 one year prior. The median price of a condo in the county was $210,000, a 3.7 percent increase over the year.
Across Massachusetts, the median price of a condo in July was $385,000, a 7.2 percent increase from July 2017. There were 2,526 condo sales for the month, a 5.2 percent year-over-year increase. Condos accounted for 1,861 purchase mortgages in July, worth a collective $657 million.
Chris Bergenheim is the PBN web editor. He can be reached at Bergenheim@PBN.com.