REALTOR® Magazine-Daily News-Boston-Area Home Prices Stabilize

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Daily Real Estate News | April 25, 2007 | Boston-Area Home Prices Stabilize
Massachusetts’ home prices increased in March for the first time in a year, the Massachusetts Association of REALTORS® reported yesterday in its monthly report on the real estate market.

The median price for a single-family house was $344,000 in March – 0.1 percent more than a year ago. Condominium prices increased by 3 percent to $279,000.

"They're hovering where they were a year ago, which shows the market has stabilized," said Doug Azarian, president of the Massachusetts Association of REALTORS®.

Real estate agents and economists said it's premature to declare a full turnaround. Fred Breimyer, who was president in 2006 of the New England Economic Project, which tracks the region, predicted that April sales will weaken because warm weather spurred an early start to the spring market.

"There are some signs of stability coming into the market, but it's not fully stable," he says.

Source: Boston Globe, Kimberly Blanton and Robert Spencer (04/24/2007)