Home sales rose in June across the state, driving up prices by 9 percent to $350,000 compared to a year ago, the Warren Group reported this morning.
But condo sales actually declined last month by about 3 percent – and yet prices rose by 3.2 percent to $320,000. The culprit: Inventory, or lack thereof.
Coincidently, the Globe has a story today on how luxury condo prices are hitting record highs in Boston. Again, it’s all about supply-and-demand being out of whack.
Is there or is there not enough evidence now to support the idea that developers should be building more condos in Boston, as opposed to apartments? The market sure seems to be saying: More condos, please.
File under: More condos, please