Massachusetts home sales down, median prices up

BOSTON — Sales of single-family homes in Massachusetts fell in May when compared to the same month a year ago, but median prices continue to soar.

The Massachusetts Association of Realtors on Tuesday reported a nearly 10 percent drop in sales when compared to May 2013, but a 7 percent increase in the median price to nearly $348,000.

The Warren Group, a publisher of business data, reported a 7 percent year-over-year decrease in sales but a jump in median prices of almost 5 percent to $340,000.

The organizations us different figures in their calculations.

Realtors' President Peter Ruffini says rising prices are being caused by qualified buyers taking advantage of low interest rates to buy a limited supply of homes.

Warren Group CEO Timothy Warren Jr. says rising prices are a sign of recovery.

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