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Local Market Housing Data

The continued lack of inventory is restricting home sales nationally. Fewer homes sold in September as new listings fell 9% from last year and closed home sales dropped 5%, according to a new Redfin report. 

Despite the declines, the median home price rose 14% in September to $376,800, marking the 14th consecutive month of double-digit gains, yet it was the lowest growth rate since last December, according to the report.

Median Boston Home prices

The median home sale price in Boston was $605,000 in September, down 4% from August but up 8% from last year. 

Redfin chief economist Daryl Fairweather says the severe lack of inventory is impacting home sales. 

“Even though plenty of people bought homes last year, many homebuyers waited while the pandemic went from bad to worse and remote-work policies were finalized,” he said in the release. “The homebuyers who are just beginning their search are finding that the well has run dry. But I am hopeful that as it becomes easier to get building materials, we will finally have a strong year for new construction in 2022. That’s what the market needs more than anything.”

All but one of the 85 largest areas Redfin tracks had an increase in median sale prices. The largest increases last month were in North Port, Florida, which was up 30%, Salt Lake City at 28% and Austin, Texas, at 27%. 

Boston Home Selling Above Listing Price?

Almost 50% of homes sold above list price in September (48%), down 8% from June’s record high and up 14% from last year. 

September also found seasonally-adjusted home sales which were down 5% from last year — the second annual decline in the past 16 months. Sales fell in 66 of the 85 metros with the largest declines in New Orleans which were down 42%, Bridgeport, Connecticut, down 24%, and Salt Lake City, Utah, down 23%. The largest gains included New York at 26%, Honolulu, Hawaii, at 24% and San Jose, California, at 15%. 

Boston Real Estate Sales Down 11.4% in September

In Boston, 4,975 homes sold last month, down 11.4% from August and down 3.8% from last year. 

Active listings also fell in September, down 19% year over year. Only three of the 85 metros had a year-over-year increase including Austin, Texas, at 3%, Tacoma, Washington, at 3% and Columbus, Ohio, at 0.3%. The largest annual declines were in Baton Rouge, Louisiana, which was down 53%, Salt Lake City down 50% and Rochester, New York, down 47%. 

New Boston Home Listings Down

The report also found seasonally-adjusted new home listings were down 9% year over year, only the second decline since February. September homes went under contract in 18 days last month, more than a week faster than in 2020 and up three days from June’s record low. 

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Real Estate Data

Boston’s housing market took something of a breather in September, as days on market rose 7.4% from August, and months supply of inventory remained flat, according to RE/MAX’s National Housing Report. 

The number of closed sales fell 12% month over month, while active inventory rose 5.6% to 7,362. Median sales prices dropped 4.8% to $589,950, but that’s still up 7.3% from September 2020.

National Real Estate Market

Nationally, closed transactions were down 7% from August, compared to an average pre-pandemic decline of 15.3% between 2015 and 2019.  

Median Real Estate Sales Prices 

The median sales price clocked in at $329,000, a 1.1% monthly decline, compared to an average drop of 3.4%. Year over year, the median sales price was up 12.5%. Home sellers have enjoyed annual increases in sales prices for 33 consecutive months, RE/MAX said. 

At the same time, the 4.9% month-over-month decline in active inventory was more than double the average August-September decline of 2.3%. Through September, June and July were the only months in which the national active inventory did not decline on a monthly basis. 

“Affordability remains a challenge in most metros, where tight inventory continues to push prices,” RE/MAX LLC President Nick Bailey said. “Homebuilders are trying to fill the gap — especially with multi-family home construction — but many of them are held up by shortages in labor and materials. That said, the market’s still active — just not quite at the pace we saw earlier this year.

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Updated: Boston Real Estate 2021

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