The following excerpt is from the Boston Federal Reserve: Beige Book – January 13, 2021
Residential Real Estate
In the First District, the home buying “frenzy” continued in November, with contacts attributing strong buyer confidence to historically low mortgage rates and historically high stock market performance. (Five states and Greater Boston reported changes from November 2019 to November 2020; Connecticut data were unavailable.)
The number of closed sales once again increased from a year ago in all reporting areas, with double-digit increases for all markets except Boston condos. However, severe inventory shortages persisted, with the inventory of homes for sale remaining substantially below a year earlier in all reporting markets except Boston condos, where inventories rose. Low inventory and high demand put upward pressure on prices. For single-family homes, the median sale price increased by double-digit percentages in all markets. For condos, the median sale price increased in all markets except Rhode Island, but changes in prices for condos were smaller than for single-family homes. Contacts noted that demand for condos has been curbed by buyers’ pandemic-related desire for more space at home and less urban settings. Additionally, contacts in both Maine and Rhode Island noted a substantial influx of out-of-state buyers.
For more information about District economic conditions visit: www.bostonfed.org/regional-economy
Boston Real Estate and the Bottom Line
My thoughts: This seems like an upbeat report. What are your thoughts?
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