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Real Estate Market Updates

Here are the latest Real Estate Market Updates, including the latest press release from the Mass Association of Realtors, mortgage rates, and an update on the Malden market.

Realtor Price Index Hits New High; Up for 12th Straight Month

The Massachusetts Association of Realtors (MAR) announced this week that the Realtors® Price Index (RPI) increased for the 12th straight month in a row as compared to a year ago, setting new highs. Home prices are begin driven by lower vacancy rates, which in turn is driving more home purchases.

The Index stood at 57.63 in July 2012, up 114% from July 2011. On a month to month basis, the RMI was down 2.8% from June 2012 to July 2012.

MAR President Trisha McCarthy said that ““Twelve straight months of increases in the REALTOR® Market Index is a milestone when comparing the real estate market of the past several years. With increased activity in the market and inventory continuing to decrease, I anticipate the REALTOR® Price Index to remain relatively strong going forward.”

The complete article can be read here.

Mortgage Rates

According to the Freddie Mac survey, average mortgage rates increased for the week ending Thursday, August 24, 2012.  The average 30 year mortgage increased from 3.62% to 3.66%, and the average 15 year mortgage increased from 2.88% to 2.89%.

Mortgage rates one year ago were 4.22% and 3.44 for the 30-year and 15-year fixed mortgages.

Snapshot of the Malden Real Estate Market

 

Source: MLS Property Information Network

Single Family

Condos

Multi Family Homes

# of Listings

56

33

185.53

Avg. Liv. Area Sq Ft

1,665.85

1,133.39

2,497.87

Avg. List $

$311,054

$230,256

$364,343

Avg. List $/Sq Ft

$194

$221

$147

Avg. Days on Market

80.07

83.45

185.53

 

Follow me on Twitter at @PH_Weston

Website: www.liveinmalden.com

 

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

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