Report: Median pending sales price for a single-family home hits $430,000 in Mass.

Buying News
home in denver
. Associated Press

The number of single-family homes that went under agreement in the state last month was up 9.4 percent over June 2017, according to a report the Massachusetts Association of Realtors released Wednesday, but in bad news for buyers, the median pending sales price for a single-family hit $430,000 — a 6.8 percent increase and the highest mark since the group began recording the data in 2004.

It was the second time this year that the median pending sales price rose over the $400,000 mark. It was $402,750 in June 2017.

The number of condos under agreement was also higher last month — up 4.2 percent over June of last year. The median pending sales price for condos also rose last month — to $390,000, up 8.1 percent over June 2017. The median pending condo price then was $360,750.

“That pending sales are continuing to rise year-over-year despite record-breaking prices is a testament to the fact that people want to live and work in Massachusetts,” Rita Coffey, association president, said in a statement. “However, we still need more inventory to ensure that more people are able to afford to do so.”

Subscribe to our free real estate newsletter — our weekly digest on buying, selling, and design — at Follow us on Facebook and Twitter @globehomes.