Massachusetts home prices are now accelerating at a double-digit rate.
And given the reputation of our state and especially Greater Boston as one of the most expensive places in the world to live, that is not very good news.
The Bay State's median home price leaped 12 percent in May, to $324,000, The Warren Group reports.
And, no, this is not an anomaly. Instead, it's the fourth straight month of double-digit price increases.
The last time we saw double digit price increases, the local housing market was in the grip of a price bubble. We all know how that one ended.
Here's Tim Warren, chief executive of The Warren Group, in a statement.
"The rise in prices has been a result of tight inventory," Warren added. "It's concerning to see prices rise at this rapid rate. Pent-up demand for homes from buyers who postponed their purchase plans is driving up prices. Consumers are rushing to buy before prices and interest rates get too high."
Are you concerned about the double-digit price increases? What's your take?
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