Boston Real Estate for Sale

About those latest housing reports …

Home sales in the 52 largest U.S. markets fell 13.3% between August and September in keeping with historical trends, Accordng to a National Housing Report. Year over year, closed transactions were down 3.1%. 

Tampa, Florida; Omaha; and Miami had the three greatest year-over-year declines in the pace of sales, respectively. 

Meanwhile, the median sales price for all metros was $429,000, down 1.4% from August but up 4.6% from September 2023. Hartford, Connecticut; Cleveland; and Providence, R.I., had the three greatest annual increases. 

New listings were down 0.3% month over month but up 9.7% year over year.  Phoenix and Las Vegas had the largest increases in new listings. 

The number of homes for sale nationally was up 6.4% month over month and 33.6% year over year. Manchester, N.H; Seattle; and Trenton, N.J., had the lowest inventory on a months’ supply basis. 

Bottom Line

While we’re seeing a slight cooling in sales in the Boston Metro area, the good news, Ford Realty is encouraged that condominium inventory has been steadily increasing, giving buyers more options in the Boston condo for sale market.

The consistency in sales prices and the fact that buyers are still paying over 95% of asking price demonstrates the resiliency in today’s Boston condo market. 

More insights on the Boston condo market tomorrow

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Two reports released today paint a mildly alarming picture of the local housing market. But officials are basically saying: Wait, it’s not as it appears. They seem to be right.

The first report from the Warren Group shows a 47 percent spike in foreclosures in Massachusetts, but a Warren Group official said the increase is really due to last year’s delay in processing filings: “Foreclosure activity was so low last year that we’re inevitably seeing a rise in foreclosures across the state,” said Cory S. Hopkins, editorial director of The Warren Group. “It’s necessary for a wave of foreclosures to work through the system this year, but it shouldn’t cause panic. In order to return to a healthier market, the backlog of distressed properties needs to be cleared from banks’ books.”

The second report from S&P’s Case Shiller does show home prices falling a bit in Boston, but other data since indicates prices are on the rise here. The good news, for the nation, is that other previously hard-pressed markets are finally showing stabilization.

File under: Bad is good

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