Massachusetts Home Sales Jump 12% in July (Banker & Tradesman) - August 25, 2009

Bucking a six-month trend of falling home sales, Bay State home sales shot up nearly 12 percent in July year-over-year while the decline in median home prices narrowed, The Warren Group reported today.

"This is a much-needed boost for the state's housing market," said Timothy M. Warren Jr., CEO of The Warren Group, publisher of Banker & Tradesman. "We haven't had a double-digit gain in monthly home sales since last October. And the declines in home prices have been getting smaller every month."

Warren said low interest rates, reduced prices, the first-time homebuyer tax credit and improved consumer confidence helped fuel buyer interest in late spring which led to an increase in closed sales in July.

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