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Mass. home sales fall again in July

For the fifth month in a row in July, home sales declined nationally, including here in the Bay State, as home prices continued to rise.

The Massachusetts Association of REALTORS® July housing data report found high home prices and mortgage rates continued to cool the local market, as the cost of buying a home was up 80% compared to 2019. 

Dawn Ruffini, MAR president, said while inventory has been an issue, there are some positive changes on the horizon, as housing stock continues to climb. 

“While affordability remains an issue for prospective buyers, particularly in the wake of mortgage rates increasing, this positive change in inventory indicates options are once again on the horizon for buyers,” Ruffini said. 

Last month, the median price for a single-family home rose 8.5% year over year to $607,000, and new single-family home listings fell 11.5%. 

Boston condo prices increases

Condominium prices also rose in July, climbing to $530,000, which represents a 10.4% increase from 2021, while condo listings fell 18.1% from last year. 

The report also found single-family closed sales fell 16.2% compared to last year, while closed condo sales dropped 26.7%. 

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For the fifth month in a row in July, home sales declined nationally, including here in the Bay State, as home prices continued to rise.

The Massachusetts Association of REALTORS® July housing data report found high home prices and mortgage rates continued to cool the local market, as the cost of buying a home was up 80% compared to 2019. 

Dawn Ruffini, MAR president, said while inventory has been an issue, there are some positive changes on the horizon, as housing stock continues to climb. 

“While affordability remains an issue for prospective buyers, particularly in the wake of mortgage rates increasing, this positive change in inventory indicates options are once again on the horizon for buyers,” Ruffini said. 

Last month, the median price for a single-family home rose 8.5% year over year to $607,000, and new single-family home listings fell 11.5%. 

Condominium prices also rose in July, climbing to $530,000, which represents a 10.4% increase from 2021, while condo listings fell 18.1% from last year. 

The report also found single-family closed sales fell 16.2% compared to last year, while closed condo sales dropped 26.7%. 

Mass. home sales fall again in June

New-home sales slid 6.6% on a seasonally adjusted, monthly basis to 676,000 in June, while the median sales price slid to $361,800 from $380,700 in May, the U.S. Census Bureau and the Department of Housing and Urban Development reported.

Annually, new-home sales were up 19.4%, according to a press release.

The seasonally adjusted estimate of new houses for sale at the end of May was 353,000, representing a supply of 6.3 months at the current sales rate.

By region, the number of new homes sold in the Northeast plunged 27.9% month over month to 31,000 on an adjusted basis, while they were down 7.8% in the South at 367,000, down 5.1% in the West at 186,000 and up by 5.7% in the Midwest, at 92,000.

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The Herald is reporting that the Bay State housing market took another big hit last month, as single-family home sales fell 18 percent and condo sales dropped by 17 percent.

Once again, last year’s federal home-buying credit is blamed for distorting the stats, making last year look better than it really was.

Some decent news: Condo prices increased by about 5 percent over last year. Not that higher prices are good per se. Instead, it signals prices may be stabilizing.

Filed under: Home Improvements, not really

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