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Medford home sales slow, but prices up

Posted by Jarret Bencks  July 26, 2013 09:33 AM

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Home sales are down in Medford so far this year, but the prices are up, according to recently released real estate data.

A total of 28 single-family homes in Medford sold in June, down from 41 in June 2012, according to real estate publisher The Warren Group. Year-to-date, 53 single-family homes have sold, compared to 113 in the first six months of last year.

Median home sale prices rose 13 percent, from $340,000 in the first six months of 2012 to $385,000 so far this year.

Condo sales have seen a sharp increase in Medford. A total of 29 were sold last month, compared to 17 in June 2012, and 95 have sold year-to-date compared to 77 in through June 2012. The median condo sales price is up slightly from $282,000 to $284,000.

Town-by-town home sales data can be found here, and condo data here.

Statewide, Massachusetts saw a slight increase in home sales. A total of 5,591 single-family homes sold in June, up about 1 percent from 5,535 in June 2012. Year-to-date, home sales have been nearly the same. A total of 21,659 single-family homes sold through June this year, compared to 21,633 over the same period last year, according to an announcement from The Warren Group.

Home sale prices rose in the state for the ninth straight month, and are up 12 percent year-to-date over last year, from $281,000 to $315,000.

If mortgage rates and home prices don't climb too high, the improvements in the real estate market will likely continue, Warren Group CEO Timothy M. Warren Jr. said in a statement. But the market could slow if prices rise too quickly, he said.

"While not a problem at this juncture, I hope for more modest increases in the future," Warren said. "We don't want to see prices rise to the point where homeownership becomes unaffordable."

Jarret Bencks can be reached at bencks.globe@gmail.com. Follow him on twitter @JarretBencks.

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