Home Value, Sales Up in Dedham

The Norfolk County real estate market is trending in the right direction.

Recent statistics indicate increases in real estate sales, property value and mortgage financing for the past month of July, according to the Norfolk County Register of Deeds William O’Donnell.

In July, real estate sales increased by 13 percent to $1.08 billion in comparison to this time last year. The average sale price of property increased by three percent to $752,941.

“I believe these results stem from an improved economy and buyers eager to invest in Norfolk County real estate,” O’Donnell said in a statement.

2,948 mortgages were recorded in July, indicating a 13 percent increase over the mark set in July of 2014. The register also noted a 25 percent rise in mortgage financing.

“Homeowners continue to take advantage of improved equity in their properties along with low interest rates to obtain financing for home improvements, family educational expenses and other critical needs,” O’Donnell added.

One concerning statistic was in regards to the rising number of foreclosures across Norfolk County. A total of 22 foreclosures were filed in July, marking a 38 percent increase in one year. The 65 notices to foreclose during the month was also alarming. The number indicated a 50% increase.

“This increase was the result of lending institutions continuing to work through a backlog of foreclosures resulting from the economic downturn of 2008,” O’Donnell concluded.