Condo sales fell 18.5 percent, to 2,103 sales in August, and prices declined 3.3 percent, to $278,000, according to data released by the Massachusetts Association of Realtors.

In August, it took 109 days to sell a single family and 108 days to sell a condo. A year earlier, the time on the market for each was just 77 days.

For comparison sake, here’s something to think about. Interest rates have gone up, over the past year. The average 30-year fixed rate mortgage loan is now 6.52%, whereas last year, at this time, it was 5.82%.

$500,000 mortgage loan, at 6.52%, will cost you $3,166.92 (this year)
$500,000 mortgage loan, at 5.82%, would have cost you $2,940.14 (last year)

This isn’t the whole picture, though. Condo prices have dropped 3%, according to the Globe (from one year to the next, I believe).

You might have heard they have dropped more – earlier this year, June to June, the drop was like 5.6%. These numbers aren’t cumulative, so it’s not like it was down 5.6%, in June, and ANOTHER 3%, in August; they are comparing year to year.

Let’s assume, for kicks, that there has been a 10% correction, over the past twelve months:

How much more home can you buy, today, versus last year?

$500,000 mortgage loan, at 5.82%, would have cost you $2,940.14 (last year)
$450,000 mortgage loan, at 6.52%, will cost you $2,850.23 (this year)

More: Massachusetts housing sales plummet – The Boston Business Journal

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Updated: January 2018

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