Mass. home median prices on the rise - CBS 3 Springfield - WSHM

Mass. home median prices on the rise

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The median sales price of a single-family home in Massachusetts has risen to its highest level in almost six years.

The Warren Group reported Monday that median prices jumped 9% last month when compared to June 2012 to $350,000. The Massachusetts Association of Realtors reported a nearly 7% year-over-year jump to just over $350,000. Both said it was the ninth consecutive month of year-over-year price rises and the highest they have been since August 2007.

The organizations use slightly different methods in their calculations.

The Realtors reported a 1.6% increase in sales of single-family homes last month, while The Warren Group reported a 1% jump.

The Realtors president said concern that interest rates would rise and a lack of inventory helped drive up prices and sales.

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