Over the past few months, the housing-market news has been generally good, with reports of rising home sales in September and October. But the Federal Reserve, in its latest Beige Book report, says sales in Greater Boston actually declined in September. From the report:
“Sales growth slowed in September throughout much of the First District among both the condominium and single-family home markets. In the Greater Boston area, single-family home sales actually declined, representing the first decrease in 15 consecutive months. By contrast, condominium sales in Greater Boston rose, reaching historic levels for the month of September. Slowing growth across much of the region was attributed to the dwindling number of properties in the market and damped confidence in the local economy. Most contacts note modest price appreciation.”
OK, we understand the inventory and modest-price appreciation parts. But are sales really down? Maybe it’s how you define “Greater Boston.” Anyone have ideas about the discrepancies between the local and fed data?
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