BOSTON (AP) -- Two organizations that follow Massachusetts' real estate market say a shortage of homes on the market is driving down sales while driving up prices.
The Massachusetts Association of Realtors reported Wednesday that the number of sales of single-family dropped almost 12 percent last month when compared to the same month a year ago, while the median price jumped more than 8 percent to more than $314,000.
The Warren Group, a publisher of business data, reported an 8 percent decrease in sales volume and a nearly 9 percent boost in the median price to $315,000, the 18th consecutive month of higher year-over-year prices.
The organizations use slightly different figures in their calculations.
Realtors President Peter Ruffini says rising home values provides an incentive for owners to put their homes on the market.