Home prices hit record high in November

More single-family homes were sold in Massachusetts last November than in any November before that, according to real estate market analysts, who also noted that they were sold for a higher medium price than in any previous eleventh month.

The Warren Group reported that there were 5,231 single-family home sales in November, a 2.2 percent increase over the year before. The median home sale price rose by 4.5 percent to $385,000, also an all-time high.

Tim Warren, CEO of the Warren Group, said the median price has declined on a year-to-year basis just twice in more than four years. Steady demand is driven by the state’s solid economy and the attractiveness of real estate investments, he said.

“With the stock market in decline and the bond markets also declining so far this year and saving interest rates at a low level, some people may be thinking that real estate is the best investment that’s available right now,” Warren said on the organization’s podcast.

There were 4,658 purchase mortgages for single-family homes in November, the group said, representing a 2.2 percent increase over November 2017. Purchase mortgages totaled $1.77 billion and to that month in 2018, single-family homes had accounted for 49,202 purchase mortgages in Massachusetts totaling $19.2 billion.

There were 1,991 condominium transactions that month, a 7.4 percent decrease from a year earlier. Although total sales werew down, the median condo sale price increased 4 percent to $365,000.

Warren said the steady rise in the median condo sale price – it was up 7.2 percent through November, standing within $20,000 of the median single-family home price -- is driven by the crush of high-end condo units coming online in and around Boston.