Housing expert: Expect a moderate decline in housing prices
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Median single-family home prices dipped below $1 million again in July after June’s surge. Meanwhile, sales for both condos and single-family homes rose on a yearly basis, according to new data from the Greater Boston Association of REALTORS®.
The median price for a single-family home in greater Boston hit $967,000 last month. That’s a 5.3% yearly increase but a decline from June’s unprecedented $1 million mark.
Home sales saw a 2% yearly boost and new listings increased 4.8% year over year to 1,068. Homes stayed on the market for a median of 22 days, a 15.8% annual increase.
“July can be an inconsistent month for real estate and the numbers this year show it,” said Mark Triglione, President of the Greater Boston Association of REALTORS® and owner of Premier Realty Group, Inc. in Reading. “Typical residential real estate markers are down from June but strong compared to last July. Well priced properties continue to sell fast, for over asking price and with favorable terms for the seller.”
Triglione continued:“The single-family market has more inventory this year than last and some of it is staying on the market longer before an accepted offer. Savvy buyers are discovering value in properties that have been on the market for one to three weeks and it shows with twenty-two median days on market.”
Condo prices hit a median of $699,500, a 5.5% decrease from the same month last year. Sales increased by just 0.1%.
“Similar to the single-family market, the condominium market has more inventory that is spending more days on market,” said Triglione. “What’s different about the condo market in July is that the units sold for, on average, 98% of asking price compared to the 103% of asking price that single-families sold for. That is the bell ringing for buyers that have been pushed out of the condo market to consider jumping back in.”
Housing expert: Expect a moderate decline in housing prices
Let’s dive into what will cause Boston condos for sale prices to decline? To answer that, we first have answer these two important questions:
- Is there a specific level of inventory that reliably signals price declines?
- What’s the lag between rising supply and falling prices?
What level of inventory can one expect Boston condo price declines? Many experts believe 5 months is the perfect balance. Above it, the relationship becomes more clearly towards a price declines, signaling price declines about 9 months in the future.
The months of inventory is measured by dividing the current inventory by last month’s sales.
I hope this information above, provides some knowledge to you how the Boston condo for sale prices are impacted by Boston condo for sale inventory works
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Housing expert: Expect a moderate decline in housing prices
A blazing hot Boston condo for sale market appears to be cooling off with sellers slashing prices and sparking signs of uncertainty about the future of the nations housing market. NBC’s Emilie Ikeda reports for TODAY on what’s behind the drop in prices.
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Well, yeah, if you consider a 50% decline to be “moderate”!!!
The Wall Street Journal recently interviewed Kenneth Heebner, who since 1994 has managed the $1.2 billion CGM Realty Fund (apparently, a very successful mutual fund).
What does he think about real estate and housing prices?
WSJ: How is the housing market?
Mr. Heebner: A significant decline in prices is coming. A huge buildup of inventories is taking place, and then we’re going to see a major [retrenchment] in hot markets in California, Arizona, Florida and up the East Coast. These markets could fall 50% from their peaks.
WSJ: What has you so concerned?
Mr. Heebner: I’m worried that more people will default on their mortgages. Risky mortgages such as interest-only and pay-option adjustable-rate mortgages require no principal amortization and in some cases payment of only a fraction of the interest due, have been widely used in the last two years. Some people got 100% financing for their homes …
… As housing prices fall more people will be under water, and these people are just going to walk away from their homes. They are going to say, ‘I’m outta here.’ You’re going to see increasing foreclosures over the next several years …
This guy has a lot of opinions, some pretty cracked, so measure his words cautiously.
Such as:
“The economy only turns down when the Federal Reserve takes aggressive action to cause a downturn.”
Hmm. Well, yeah, that’s probably true, if you discount periods of war, famine, pestilence, or high gas prices, for that matter.
Those cause downturns, too.
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