Following an active spring home buying season, the real estate markets in many Massachusetts communities continued to trend upward during the summer, and are poised for additional growth in the coming months.

Originally founded in 2001 in New England, Poli Mortgage Group has grown to six locations across the Bay State, including one in the capital city of Boston. If you’re looking to purchase a home in this region – as well as many other areas up and down the East Coast – it could be to your benefit to enlist the help of our knowledgeable Loan Officers to help you lock in a low rates and set up a comfortable payment plan. On an annual basis, housing prices in Massachusetts appreciated nearly 12 percent in July, including distressed sales according to CoreLogic’s most recent Home Price Index Report. Month-over-month, residential values registered a more than 2 percent increase. However, while the recent uptick can be seen as promising evidence the state is making real progress in its ongoing recovery, home prices remain about 9 percent below the peak amount recorded in October 2005.

Statewide sales also see significant improvement in July
Not only did home prices exhibit a considerable rise during the recent month, but the number of housing transactions did as well. The Massachusetts Association of Realtors reported that a total of 5,750 single-family residences were sold in July, showing a more than 20 percent increase over the same time last year. This marked the fourth consecutive month a year-over-year uptick in sales was observed, and represented the most properties sold in one month since July 2004. Month-over-month, transactions were up 11 percent from the 5,615 housing sales finalized in June.

“The combination of buyers wanting to close and move in before the start of the school year and their concern over increasing interest rates resulted in another positive month in July,” said Kimberly Allard-Moccia, president of MAR.

Bay State’s home price improvement similar to national averages
Massachusetts could have one of the strongest housing markets across the country, as the report showed national figures closely resembled those noted in the Bay State during July. Nationwide, home prices were observed at levels 12.4 percent higher than year-ago amounts, and 1.7 percent above values seen during June, according to CoreLogic.

Dr. Mark Fleming, chief economist for the real estate analytics provider, announced the recent rise in U.S. home prices could have been caused by flagging inventory supplies in many areas, but a shift in activity could see a slowdown in further gains. Heightened sale values, coupled with hikes in interest levels, could see fewer buyers enter the market in the coming months.

“Home prices continued to surge in July,” said Fleming. “Looking ahead to the second half of the year, price growth is expected to slow as seasonal demand wanes and higher mortgage rates have a marginal impact on home purchase demand.”

Individuals hoping to enter their local market before home prices and interest rates rise any further can benefit by doing so with the assistance of Poli Mortgage Group. Our extensive teams of qualified housing professionals work tirelessly to provide clients with a high level of service and ensure their purchase process is completed smoothly. Those interested in learning more about the services we offer can contact us by calling (866) 353-7654.