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Massachusetts Home Sales Up as Housing Market Recovers

Home sales are up in Massachusetts, according to The Boston Herald.

The Herald cites numbers released by The Warren Group, an industry tracker. Specifically, the sales of single family homes are up.

Sales of single family homes in the state of Massachusetts rose 21 percent in October, when compared to October of last year, cites The Herald.

This comes to a total of 4,044 single family homes sold in October of 2012, compared to 3,340 homes sold during the same period in 2011.

What’s the reason behind these rising home sales? According to The Warren Group, “record low mortgage rates, an improved economy and growing consumer confidence” are to credit for the rising sales.

What’s even better news for home buyers is the fact that the median home price is still relatively low and not rising as fast. The median home price for a single family home in Massachusetts is $287,500, down from 2011, according to The Warren Group.

The Boston Globe, however, reports different numbers, citing to a Massachusetts Association of Realtors release, claiming that the median value of single family homes rose from October of last year.

This data is just for single family home sales and doesn’t take into account other forms of real estate in Massachusetts. We reported earlier that multi-family homes were selling more this year, as many home buyers were contemplating the idea of becoming landlords.

Let’s also not forget that the Federal Housing Administration is making borrowing easier for rebound borrowers, according to The Los Angeles Times. This also comes several years after the housing crash began, when many people were facing foreclosure and short-selling their homes. By now, many buyers are ready to hit the market again, as their credit scores have climbed back up and FHA backed lenders are being given some wiggle-room.

Whatever the reason, it’s good to see the housing market recover.

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