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Feds: Mass. housing market hobbled by lack of inventory

Boston condos

Boston condos

In its latest Beige Book report, the Federal Reserve reports that the regional real estate market continues to improve, but says lack of homes for sale is still a concern. From the report:

A Massachusetts contact says limited inventory is constraining the market, as the available months of supply for single family homes and condominiums were 4.3 and 2.8 months respectively in November. “New listings are up, but we have been burning through inventory,” reports a source in Massachusetts. Despite the recent decline in unit sales, New England realtors agree that 2013 has been a good year overall and they remain optimistic about sales increases looking forward.