Single-Family Home Sales Drop in Massachusetts

The number of single-family homes sold in Massachusetts in November dropped by nearly 9 percent when compared to the same month last year, the first year-over-year drop in seven months.

The Massachusetts Association of Reactors attributes the drop to the low number of homes on the market.

But that low number of homes on the market also drove up the median price more than 7 percent, from $295,000 in November 2012 to $316,500 last month, the 14th consecutive month of higher median prices.

The Warren Group, a Boston-based publisher of business data, reported a more modest 2 percent drop in single-family home sales year-over-year, and a 4 percent jump in median prices to $307,000.

The organizations use slightly different figures in their calculations.

[Associated Press]