October sales for Massachusetts single-family homes rose nearly 19 percent on a year-to-year comparison basis as 4,326 single-family homes were sold in the state last month, the Warren Group reported Tuesday.
At first glance, the October numbers seemed to confirm the recent local housing trend of strong demand and a shortage of supply of homes for sale.
“The pace of the housing market has surpassed expectations this year,” Warren Group chief executive Timothy M. Warren Jr. said in a statment. “Pent up demand is still high following several years of slow activity, and the improving economy is helping to boost the market.”
The median price of single-family homes rose almost 10 percent in October to $313,050, the highest median price for the month since October 2007, said the Warren Group, a Boston firm that tracks real estate sales.
In October, condominium sales statewide rose 16 percent, increasing to 1,724, the Warren Group said. The median condo price rose to $299,500 in October, a 13 percent increase from the same month a year ago.
Separately, the Massachusetts Association of Realtors issued its monthly report on the condition of the local housing market. The association uses a slightly different method to track real estate activity.
In a statement, association president Kimberly Allard-Moccia said: “The buyer activity, despite the relatively few homes for sale, really picked up in the spring and remained high into the fall. If sellers continue to sit this market out and inventory continues to shrink, we’re going to see fewer qualified buyers able to keep up with the increasing prices. Full recovery is close, but now it is up to the sellers to help make it happen.”
The association’s release noted that the inventory of single-family homes for sale as of Oct. 31 was down 19.9 percent from October 2012. October 2013 was the 20th straight month of inventory decreases.
The number of new listings added to the market of single-family homes in October increased 10.9 percent over the same time last year, the association added.