Single-family home sales eased in Massachusetts in July as inventory proved a barrier for many would-be buyers
Single-family home sales eased in Massachusetts in July as inventory proved a barrier for many would-be buyers.
Figures from the Massachusetts Association of Realtors reveal that inventory was at its lowest for July since 2004. There were 13,788 single-family homes available to buy, down 28.6% compared to a year earlier and representing just 2.9 months of supply.
Sales for the sector were down 1.2% to 5,709 while the median price was $400,000, up 5.3% year-over-year.
“This is the second month in a row home prices in Massachusetts have been at or above the $400,000 mark, and we’re seeing it take a toll on the ability of some buyers to close transactions,” said 2017 MAR President Paul Yorkis, president of Patriot Real Estate in Medway. “The demand is still there, but it’s the combination of price and inventory that’s catching up to buyers who are on the cusp of buying their first home, which has helped cause the dip we saw in closed sales this month.”
Despite tight inventory in the condo sector; which was down 27.3% year-over-year to 3,750, just 2 months of supply; this sector saw sales rise by 3.1% compared to July 2016 to 2,193. The median price for condos was also up 3.1% to $370,000.
Figures from the Massachusetts Association of Realtors reveal that inventory was at its lowest for July since 2004. There were 13,788 single-family homes available to buy, down 28.6% compared to a year earlier and representing just 2.9 months of supply.
Sales for the sector were down 1.2% to 5,709 while the median price was $400,000, up 5.3% year-over-year.
“This is the second month in a row home prices in Massachusetts have been at or above the $400,000 mark, and we’re seeing it take a toll on the ability of some buyers to close transactions,” said 2017 MAR President Paul Yorkis, president of Patriot Real Estate in Medway. “The demand is still there, but it’s the combination of price and inventory that’s catching up to buyers who are on the cusp of buying their first home, which has helped cause the dip we saw in closed sales this month.”
Despite tight inventory in the condo sector; which was down 27.3% year-over-year to 3,750, just 2 months of supply; this sector saw sales rise by 3.1% compared to July 2016 to 2,193. The median price for condos was also up 3.1% to $370,000.
