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Somerville housing market lagged in August

Posted by Matt Byrne  September 28, 2012 08:35 AM

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Somerville bucked a statewide real estate growth trend in August, with homes sales flat and condominium agreements down, according to data released this week.

An even 10 homes sold, the same as in August 2011, while buyers snapped up 49 condominiums, five less than last August, according to The Warren Group, which tracks real estate transactions throughout the state.

In the first eight months of the year, home sales increased dramatically, from 48 in 2011 to 79 in 2012. Prices also edged upward for the year, with single-families commanding $449,000, up $3,750 from the first eight months of 2011.

Condos fared slightly better, with prices up $25,000 to $387,000. 331 have sold so far in 2012, compared to 249 in 2011.

For town-by-town single-family stats, click here; for condos, click here.

In Massachusetts, August was a strong month, the seventh consecutive for sales growth this year. Overall sales reached 5,118 single-family homes, up 856 units, and 13,040 condominiums sold, up 2,867 units.

"In past housing market recoveries, we've seen sales volume increase before prices followed," said Timothy M. Warren Jr., CEO of the Warren Group, in a statement. "Perhaps these low prices will lure even more buyers into the market and bring a sustained recovery."

Matt Byrne can be reached at mbyrne.globe@gmail.com.

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