Home sales fall in Mass., but prices continue to rise
By Associated Press, 5/15/2003
boston.com
WALTHAM -- In what is becoming a familiar pattern, home sales in Massachusetts cooled in the first quarter of 2003 but prices continued to rise, increasing for the 39th consecutive quarter.
Statewide sales of detached single-family homes fell 10.6 percent in the first three months of the year, while condominium sales were unchanged from a year ago, the Massachusetts Association of Realtors reported yesterday.
But the average detached home price rose 15.7 percent to $358,334, and the price of a condominium rose 9.5 percent to $246,572.
For homes, the biggest regional percentage leap was 34.9 percent in the Southeast, where prices rose to $266,131. Greater Boston remained the most expensive area, with an average price of $508,354.
Condominium prices also rose the most in the Southeast, rising 46 percent to $133,363. Greater Boston was most expensive in that category, with an average price of $318,030.
It was the third-busiest January-March period on record, MAR said. ''The first three months of this year were far quieter for business than last year, but the market has still been quite active by historic standards, especially given the fact consumers have been preoccupied with issues related to job security, family members going off to war, and digging out from storm after storm this past winter,'' president Peter Casey said.
This story ran on page E4 of the Boston Globe on 5/15/2003. |
