It’s a sight for a sore local economy: real estate is on the move. According to recent figures released by the Greater Boston Association of Realtors, there have been two consecutive months of higher sales. The statistics comes on the heels of news regarding the ever-dropping Federal interest rate and skyrocketing rental rates.

Sales of both condos and single-family homes rose in July and August. Condos made the biggest leap in improvement, as they increased by over 10% each month. The improvement is almost 13% better than the same time last year. Single-family homes fared well, but with a steadier pace at a little over 1%. However, this is a dramatic improvement from last year’s numbers which trailed behind almost 14% recent figures.

As homes and condos are quickly getting snapped up, there has never been a better time to start buying into a market. Our information isalways up-to-date on our site, and our luxury listings keep track of the latest properties ready to go across the greater Boston area.

Sales of both condos and single-family homes in every county statewide decreased in March.

The median price for condos sold in March was $237,000, down almost 5 percent from $249,000 in March 2010. The first quarter median condo price also declined almost 2.5 percent to $237,000 from $243,000 during the prior year’s first quarter.

Source: Banker and Tradesman

“We’re seeing a significant turnaround in the local housing market. Monthly home sales have been increasing year-over-year since last July and that has propped up the median selling price statewide,” said Timothy M. Warren Jr., CEO of The Warren Group, publisher of Banker & Tradesman. “The homebuyer tax credit has been a wonderful impetus for the housing market. We hope that it has been a strong enough factor that consumers will continue entering the housing market.”

Single-family home sales jumped 27.6 percent to 3,162 in March from 2,477 in March 2009. Home sales in the first quarter escalated 17.5 percent to 7,310 from 6,223 in last year’s first quarter. It was the first increase in first-quarter home sales since 2004, according to The Warren Group.

The median price for single-family homes sold in March climbed 7.8 percent to $275,000 from $255,000 a year earlier. It was the fourth consecutive month that monthly home prices have risen year-over-year. The first quarter median selling price stood at $276,750, an 8.5 percent increase from $255,000 in the first quarter of 2009.

Condominium sales in March rose for the sixth straight month. Condo sales soared 33.4 percent to 1,515 from 1,136 in March 2009. A total of 3,448 condo sales transactions were recorded in the first three months of the year, a 22.9 percent increase from 2,805 a year earlier.

The median price for condos sold in March was $249,000, up 8.6 percent from $229,250 in March 2009. The first quarter median condo price jumped 10.7 percent to $243,500 from $220,000 during the prior year’s first quarter.

The Zillow Home Value Index was $190,600 at the end of October, down 20.4 percent from its peak value of $239,500 in June 2006. Seven out of 10 U.S. homes have lost value since October 2008, and 27 percent of the homes sold in October sold for a loss relative to their purchase price. Overall, U.S. homes lost $489 billion in value during the first 11 months of this year, significantly less than the $3.6 trillion lost during 2008, according to the recent Zillow Real Estate Market Reports.

Las Vegas, Detroit, Riverside, Calif., Phoenix and Miami suffered the most depreciation in October, while Boston, Los Angeles, San Diego and San Francisco posted the largest monthly gains.

The survey also identifies Buffalo; N.Y., Dallas; Fort Worth, Texas; Houston; Little Rock, Ark.; Omaha, Neb.; Pittsburgh; San Antonio; Syracuse, N.Y.; and Wichita Falls, Texas, among the markets that are expected to perform best. The survey finds that home values in these markets are generally below the U.S. average and are expected to remain level over the next six months. These markets also did not experience a big housing boom and have had relatively fewer job losses over the past year compared to other markets.

Fresno, Calif., tops the list of large markets that have the worst expected performance, followed by Las Vegas; Miami; Orlando, Fla.; Phoenix; Portland, Ore.; San Jose, Calif.; Stockton, Calif.; Tacoma, Wash.; Tucson, Ariz.; and West Palm Beach, Fla. These markets are expected to have the largest declines in home values over the next six months and are also among the markets that had the biggest price booms previously.

“Right now, a good market is still one where home prices aren’t going down,” says Ingo Winzer, president of Local Market Monitor. “However, this will change as the recession eases. Next year, we’ll see good price increases in many markets.”

Local Market Monitor also released its quarterly home price forecast for smaller markets.

Home prices rose 16.4 percent in the Midwest, 5.7 percent in the South, 5.4 percent in the Northeast and 3.0 percent in the West. Clear Capital’s monthly report looks at home prices on a rolling quarterly basis.

Saturation levels of REO properties declined in the quarter with 28 of 30 major markets showing improvement over last month’s rates. Los Angeles and Fresno, Calif., returned their first positive quarterly price gains since mid-2006, while Chicago achieved its largest quarterly gain (19.9 percent) this decade.

In the Northeast, the Pending Home Sales Index fell 3.0 percent in July, but was 4.7 percent higher than a year ago. It also slipped in the Midwest 2.0 percent but was 8.1 percent higher than July 2008. In the South, pending sales activity rose 3.1 percent during the month and was 12.0 percent above a year ago. In the West, the index jumped 12.1 percent and was 20.0 percent higher than a year ago.

The $8,000 first-time homebuyer tax credit appears to be boosting home sales. NAR estimates that 1.8 to 2.0 million first-time buyers will take advantage of the credit before it expires on Nov. 30, accounting for 350,000 sales that would not have taken place without the program.

NAR’s Housing Affordability Index remained unchanged since last month but is still 36 percent higher than a year ago.

“For the second month in a row, we’re seeing some positive signs,” says David M. Blitzer, chairman of the index committee at Standard and Poor’s. The improving price data indicates that “there are hints of an upward turn from the bottom. However, some of the hardest hit cities, especially in the Sun Belt, show continued weakness.”

As of the end of the second quarter, average home prices across the United States were at a level similar to that recorded in early 2003. From their peak in the second quarter of 2006, average home prices are down 30.2 percent, the study finds.

Las Vegas, Phoenix and Detroit posted the largest quarterly declines of 32.4 percent, 31.6 percent and 25.0 percent, respectively. Dallas, Cleveland and Denver fared best, with respective annual declines of 2.2 percent 3.0 percent and 3.6 percent.