A sales rebound or just another mirage?
It's been a tough year for home sales in Massachusetts, which are down more than 16 percent so far compared to the same period in 2010.
But in a break from this downward spiral, Bay State homes sales actually jumped 7 percent in July, reports The Warren Group, publisher of Banker & Tradesman.
It was the first increase since January.
So are we finally seeing the start of the long-awaited rebound in the real estate market?
Well not so fast.
While it would seem to be a sign of progress, it would be hard not to beat the July 2010 sales numbers, which tanked after the end of the home buyer tax credit that April.
Prices appear to be holding up better, despite the weak sales market.
The median price of a home in Massachusetts fell 1 percent in July, to $317,500, from July 2010, according to The Warren Group.
Meanwhile, condo prices are actually rising, though, here again, this may be a hangover from the great tax credit debacle. After all, the $8,000 credit triggered a one-time surge in lower-priced home and condo sales in early 2010 as first-time buyers scrambled to get their government dollars.
The median sale price of a condo in Massachusetts rose 4 percent in July to $298,000, up from $286,000 in July 2010, according to The Warren Group.
Go figure.
