Here's the good news for Boston real estate attorneys:
The median selling price for single-family homes is up in Massachusetts.
Median home prices rose for the fifth straight month, prompting some to believe that the housing crisis might be nearing the end. Condominium selling prices in Boston were up 14.0 percent from $224,500 in 2009 to $256,000 in March 2010. Single family home prices rose from $255,000 to $275,000 in the same time period.
Of course, housing numbers aren't as simple as rising sales figures or rising prices.
"We're seeing a significant turnaround in the local housing market," said Timothy M. Warren Jr., of the Warren Group, a local firm that tracks real estate activity.
But rising home prices does not necessarily indicate that the housing crisis is over. Boston real estate lawyers continue to focus on foreclosure numbers and the numbers of default notices, as additional indicators of the housing crisis. This blog has yet to confirm those numbers.
Why would the housing prices rise? What factors do Boston real estate lawyers consider when looking at these numbers?
For starters, there had been much activity due to the federal tax breaks accorded to first time homebuyers. We've covered this in another blog post, but essentially, there is a huge tax credit available to first time homebuyers and to certain existing homeowners who buy a new residence.
Another potential reason for the rise in median home prices could be attributed to lower interest rates. Some are even going as far as saying that the rise in home prices signals a recovering economy.
Is the economy recovering? How strong an indicator of economic recovery is housing price?
For more information, please visit our Related Resources links.
Related Resources
- What is the First Time Homebuyer Tax Credit? (FindLaw's Boston Real Estate Law News Blog)
- Buying a Home (FindLaw)
- Find An MA Real Estate Attorney (FindLaw)
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