Single-family home sales and median home prices in Massachusetts continued to drop in May, according to a new report by The Warren Group, publisher of Banker & Tradesman. But the rate of decline in monthly median home prices moderated.
There were 3,256 single-family home sales in May, down 13.1 percent from 3,749 a year earlier. Single-family home sales recorded from January through May slid 12.5 percent to 12,128 from 13,857 during the same months in 2008.
“This report shows that home sales are still slow in Massachusetts. In the late 1990s and into the early part of this century, the state was averaging over 5,000 single-family home sales during the month of May. Last month, we saw fewer than 3,300 home sales, making it the lowest sales pace for the month of May in almost two decades,” said Timothy M. Warren Jr., CEO of The Warren Group.