Good time for first time home buyers

WALTHAM, Mass. – The Massachusetts Association of Realtors released housing numbers for January.

The good news is that with historically low mortgage interest rates, average home prices at their lowest level in years and a new federal $8000 tax credit, the housing market for first time buyers is ripe.

However, single family house sales were down 12.5 percent in January, compared to last year and condominium sales were down 26 percent.

The median price for a single family home in January was $263,500, while the condo median as $204,000.