Massachusetts home sales rose slightly in October, outpacing year-ago sales for the first time in four months, according to a report.
Single-family home sales in the state totaled 4,404 in October, marking a 1.4 percent increase over October 2013's total of 4,345, the Boston-based Warren Group [1] reported recently [2]. It was the first annual increase since June.
The firm's update jibes with the latest data from the National Association of Realtors [3], which showed existing-home sales increasing year-over-year in October for the first time in 2014.
"It is encouraging to see home sales inch their way up in October, after declines in seven of the previous ten months," said Timothy M. Warren Jr., CEO of the Warren Group. "These numbers reflect sales from late summer house hunting."
Year-to-date, home sales in the Bay State were down 2.7 percent as of October, totaling 41,140 compared to 42,270 during the same timeframe last year.
The median selling price for single-family homes also increased slightly, gaining 2.1 percent over the year to hit $320,000. Year-to-date, the median selling price statewide is $332,525, up 2.3 percent over last year.
"For a year now, the entire market has been pretty flat," Warren said. "We have seen modest increases and modest decreases in both median prices and sales volume, but no big swings."