BOSTON — Sales of single-family homes in Massachusetts dropped by more than 3 percent in March when compared to the year-ago month because of a shortage of houses on the market.
At the same time, low inventory is driving up prices.
The Massachusetts Association of Realtors reports Tuesday that the median sales price of single-family homes jumped nearly 8 percent in March to $290,000 compared to the same month last year.
The Warren Group, a Boston-based publisher of real estate data, says median prices more than 8 percent to $285,000 when compared to the year-ago month.
The organizations use slightly different calculation methods.
David Harris of The Warren Group says there is concern that steep price hikes will make homes unaffordable.
Realtors President Kimberly Allard-Moccia says an increase in prices could entice sellers.