The residential market in New England flourished in July, with all six New England states experiencing impressive double-digit growth in sales year-over-year. Throughout the region, sales are up 17.8 percent, pending sales are up 19.9 percent and average days on market are down 9.7 percent.
In total, 21,108 home sales were recorded in July, accounting for over 22 percent of this year’s total transactions. The region experienced a modest 2.4 percent increase in sales over June 2015, and has been climbing each month since February.
“As expected, sales in New England have continued to grow throughout the summer months,” said Dan Breault, EVP/Regional Director of RE/MAX INTEGRA, New England. “The market has continued to favor buyers over the spring and summer seasons with monthly supply of inventory increasing in each state since January of this year.”
In Vermont home transactions were up 10.7 percent year-over-year, while median price decreased 7 percent year-over-year. Pending sales were up 19.4 percent year-over-year.
In New Hampshire home transactions increased 25 percent year-over-year, the highest in New England, and median price increased 6.7 percent. Pending sales were down 0.9 percent year-over-year.
Maine showed an increase of 19.9 percent in total transactions year-over-year. The median price increased 2.4 percent and pending sales were up 22.9 percent.
Massachusetts showed an increase of 17.9 percent in total transactions year-over-year. The median price was up 2.2 percent. Pending sales were up 14.9 percent over July 2014.
In Connecticut, the number of total transactions were up 16.1 percent year-over-year while median price decreased 5.2 percent. Pending sales were up 29.6 percent year-over-year, the second highest in New England.
Rhode Island home transactions increased 13.5 percent year-over-year, while median price increased 8.4 percent. Pending sales were up 30.2 percent year-over-year, once again the highest in New England.