The Massachusetts Association of Realtors released new monthly sales and price numbers for June, showing that statewide sales were down (again) and prices were up (again) for both single-family homes and condos.
Nothing really new here.
But what caught our attention (again) is that inventories of homes for sale were down 6.9 percent and condos for sale were down a whopping 20 percent in June compared to a year ago.
New listings did increase by 4 percent, but it clearly wasn’t enough to substantially boost inventories. The result: Demand is exceeding supply, driving up prices, although at a slower pace than in the recent past.
File under: Inventory blues