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Boston-Area Home Prices Hit New Record High, Report Says

BOSTON (CBS) -- The median cost of a house in the Boston area has hit a record high.

According to data from RE/MAX, homes are now going for a record-setting $675,000. That's up 12.5% from last year.

Nationally, the median sale price of a home in March was a record $360,000.

Home sales in the Boston area are down 14.6% over last year, and active inventory has dropped 33%.

RE/MAX says with interest rates going up, people on the market for a new home are being forced to "expand their search area or save for a larger down payment."

 

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