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Somerville home and condo sales up, outpacing state trends

Posted by Jarret Bencks  November 27, 2012 11:14 AM

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Somerville home sales are up 50 percent year-to-date compared to last year, according to recently released data.

Home sales slowed slightly in October, but still outpaced that month last year in Somerville, according to data from real estate publisher The Warren Group. Nine homes sold in Somerville last month compared to eight in October 2011, according to the data. Condo sales held even at 28 in the month-to-month comparison, but are up more than 25 percent - 307 to 391 - year-to-date, according to the data.

The median home sale price through October was $450,000, compared to $437,500 through October last year, according to the data.

Statewide, Massachusetts saw a 21 percent rise in home sales from October 2011 compared to last month. A total of 4,044 homes sold in the state last month, compared to 3,340 in October 2011, according to the data. Year-to-date homesales have also risen more than 20 percent, from 32,428 to 39,491.

"Home sales for the first 10 months of the year have already surpassed sales in all of 2011," said The Warren Group CEO Timothy M. Warren Jr in a statement. "Record low mortgage rates, an improved economy and growing consumer confidence are boosting the housing market in Massachusetts and around the country."

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

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