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September 3, 2013

Newburyport sees sharp increase in home sale prices

Sharp uptick in price of single-family homes

(Continued)

“Newburyport is the blue chip, but not everyone can afford the blue chip,” said Lischke. “Amesbury is more affordable than Newburyport.”

Across the state, the real estate market has seen a resurgence. Prices are rising due in part to low interest rates and the relatively small number of homes for sale. It’s caused some bidding wars, but more often than that it has resulted in buyers getting the price they are asking for. That’s a change from the market that had been lingering for years since the 2007 real estate bubble burst.

Statewide, July was the best month for home sales since June 2006. It’s a notable turnaround, the Warren Report stated.

“Many recent real estate reports have signaled a strong real estate recovery, and our numbers speak to that rebound,” said David Harris, editorial director of The Warren Group. Statewide, the median sales price for a home rose to $349,000 in July.

But Harris also cautioned that mortgage rates, which hit a low in January and have been steadily increasing, may be a big factor in a home sales slowdown.

“While consumer confidence and strong employment numbers continue to bolster the market, there’s concern that higher mortgage rates and increasing home prices could dampen the revitalized market.”

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