Brace yourself, Boston – the median price for a single-family home is approaching $1 million

It looks like the price of homes, in particular, single families, is on the rise in Greater Boston. 

According to the Greater Boston Association of Realtors, the median price is $910,000, which is more than a 9% increase over the same month last year, setting a new March record.

So, if you thought housing prices would level off or go down, you’re sadly mistaken. With March typically the beginning of the spring upswing in the housing market, we may be in for another summer of record-breaking home prices.  Good news for homeowners – not great news for homebuyers.

So why the rise in prices? Basically, it’s a perfect storm of not enough inventory and higher mortgage rates. The Boston Globe reports that the average rate on a 30-year fixed-rate mortgage was 6.88 percent last week, still more than double the rate two years ago.

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