The Massachusetts Association of Realtors has released its May housing numbers.
And you guessed it: Sales down again last month in Massachusetts (by 9 percent for single-family homes and 1.1 percent for condos) while prices continue to soar ($347,900 median price for single families, up 7 percent; $316,000 for condos, up 9 percent).
The main culprit: Lack of supply.
Total inventory of homes for sale was down by about 8 percent last month while the average days on the market fell to 99 days, down nearly 11 percent. There was a bump up in new listings. MAR president Peter Ruffini says that possibly bodes well for the inventory problems.
But it’s still not nearly enough to meet demand. It’s ridiculous.
When is it going to change?
Update – Scott seems to agree with Peter that the listings increase could be good news if it’s sustained. … We’ll see. The increase, however, merely takes us back to a level that was already too low. We need a bunch of months of increased listings to put a dent in the inventory problem. Again, we’ll see.
File under: Inventory blues