Mass. home sales perk up

Massachusetts housing sales rose in July after four straight months of declines, and the median selling price of a single-family home increased 1.3 percent in July to $365,775, according to a new report.

Today's report is from the Massachusetts Association of Realtors, which said the July sales volume of single-family sold in the Bay State was 4,363, up 6 percent from July 2006.

"It is encouraging to see sales go up in July after four straight months of year-over-year declines," Doug Azarian, the association's president, said in a statement.

Massachusetts condominium sales fell 0.1 percent to 1,933 units as the median selling price rose 6.3 percent from a year ago to $293,500, the association said.

July is hardly the busiest month for the housing market in Massachusetts, where activity often peaks in the spring.

A Globe story last month characterized the spring real estate market in Massachusetts as a "washout."

Meanwhile, the housing market has Wall Street fretting about problems in the subprime mortgage market triggering a domino effect for the larger economy.

Those subprime problems have some mortgage lenders tightening credit standards, and there are concerns that such moves could be a drag on the housing market in the coming months by thinning out the number of potential buyers.

Azarian addressed some of those concerns in his statement.

"While the tighter lending standards may have taken some buyers out of the market, it appears that those who have good credit and some equity are getting the financing they need and are buying again," he said.

Another potential bright spot for sellers: The statewide inventory of single-family homes and condos on the market as of July 31 was 53,966, down 17 percent from the same day in 2006, the association said.
(By Chris Reidy, Globe staff)