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Massachusetts Housing Market Sizzles In June

BOSTON (CBS) -- Home prices in Massachusetts haven't been this high since 2007.

Gail Lockberg of Prudential Real Estate in South Natick received "five offers in one afternoon" for a home in Newton that was gobbled up by buyers in a matter of days.

The late spring market numbers, which were just released for June, show something we haven't seen in almost seven years in terms of price and sales volume.

"I think that it is pent-up demand on the buyers and the fact that interest rates are still so low even though they have gone up," Lockberg said.

Statistics released by the Warren Group show how good the market has been and some notable hot spots:

  • Andover: June sales up 91 percent over last year and median price up 7.35 percent to $555,000
  • Canton: June sales up 73 percent and median price up 51 percent to $530,000
  • Charlton: June sales up 143 percent and median price up 21 percent to $292,900

Natick real estate agent Daiva Izbickas admitted the housing market appears to have calmed down, with the summer doldrums and rising interest rates to blame.

And mortgage brokers said there is some remorse out there.

"People who are waiting for astronomically low rates are disappointed, and they are aware that they missed out," mortgage broker Christopher Shedd said.

But there are still plenty of buyers in the market.

Agent Mary Beth Grimm said she has a buyer who keeps losing out in bidding wars.

"Last night was her fifth property that she lost out on because of five or six offers on the property," Grimm said, "and she is living in a hotel."

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