BOSTON (AP) - 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 organizations use slightly different calculation methods.
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.
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.