Sunday, November 29, 2009

Massachusetts Real Estate is Turning the Corner

The news has been filled with some very positive commentary about the improving state of the real estate market in Massachusetts. Below are excerpts from the Boston Globe and Bloomberg News- Read the full stories by clicking on the links for additional details.

Home Sales Rise in Massachusetts- Boston Globe, November 25, 2009

“Sales of single-family homes rose by 17.2 percent in October, compared with the same month last year, marking the fourth consecutive month of increases, according to Warren Group, a private company that tracks real estate data. The number of sales, 4,295, marks the highest total for the month of October since 2005.”

“The number of Massachusetts homes on the market on Oct. 31 was down 15 percent, compared with the same time last year, the 19th straight month that inventory had declined, according to the Massachusetts Association of Realtors, which also released data yesterday. Inventory of homes for sale in October was the lowest for that month since 2002, the association said.”

Home mortgage rates are at some of the lowest levels in a long time which should significantly help the recovery in home real estate sales.

Here is a recent story from Bloomberg News…

Mortgage Rates in U.S. Match Record Low Set in April - November 25, 2009
The average 30 year fixed mortgage rate for single family homes was a record low 4.78% while the average 15 year rate was 4.29% Read the full story for additional details.

Hopefully, by next Spring we will see a return to a more normal real estate market.