Boston median sales price reached a record high this April

Ever-tightening inventory has caused home prices to reach a new, as last month’s median sales price of $612,000 was the highest ever recorded for the Month of April, according to the Greater Boston Association of Realtors.

The record-setting median sales price is a 3.7 percent increase over April 2017 and is a 6 percent increase month-over-month. The new record was set as active listings in the Boston area dropped 15 percent year-over-year, but actually rose 22 percent over March of this year, according to the association.

Despite a dip in inventory from this time last year, the Boston area saw more homes sold in April 2018 than in April 2017. Single-family home sales increased by 0.2 percent while condo sales increased 16 percent.

Thanks to the boost in condo sales, April notched the fifth highest sales record for the month. It’s also the first month that sales of single-family homes and condos both rose on a year-over-year basis since November 2017, according to the group.

“The mild weather this winter allowed for an early start to the spring market which is evident by the growth in sales this April,” GBAR President Marie Presti, broker-owner of The Presti Group in Newton, said in a statement.

Inventory issues continue to put pressure on home prices, Presti said.

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