The housing market continued its recovery in the new year, with Bay State home sales up .07% from January 2013. It's the strongest January performance since just prior to the economic recession in 2007.
The Massachusetts Association of Realtors (MAR) reports the median price of single family homes shot up 20.2% to $320,000 -- the sixteenth straight month of gains.
The housing recovery remains threatened by a shortage of homes for sale. Decreased supply and increased demand is a prime factor for the surge in price which threatens t0 make homes unaffordable for families.
Inventory of available homes for sale plunged 20.4% in January, the MAR reports.