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Massachusetts condo sales surge in December

Massachusetts condo sales surge in December. December new-home sales jump 8%

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Sales of new single-family homes surged 8% between November and December, climbing to an annual rate of 664,000, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.      

Sales were up 4.4% compared to 636,000 a year earlier.  

The median price of a new home sold during the month fell to $413,200 from $426,000 in November. Year over year, the median price was down from $479,500 in December 2022.    

“Sales of new single-family houses in December 2023 blew past consensus expectations of 649,000,” First American Deputy Chief Economist Odeta Kushi said in a press release. “Mortgage rates fell in December to the lowest level since June 2023, boosting both demand and builder confidence. Mortgage rates have since moved lower in January, fueling further optimism.” 

By region, the pace of new-home sales was up 32% month over month in the Northeast, 10.6% in the South, 9.2% in the Midwest and down 3.4% in the West. 

Months’ supply of new homes for sale fell 6.8% to 8.2 months from 8.6 months in November; on a year-over-year basis, inventory was down 3.5% from an 8.5-month supply in December 2022. 

Massachusetts condo sales surge in December


Boston condos

Boston condos

Sales of single-family homes may have been flat in Massachusetts in December.

But condo sales soared by 15.29 percent last month, according to the Warren Group.

Prices for both single-family (up 3.7 percent) and condo units (7.3 percent) continued their rise as well in December, though not by the sharp upward spikes as seen in previous months.

Bottom line: The big price increases are moderating a bit, but they’re still increasing.

The big question: How much supply will there be this spring and how will it impact prices? The hunch here is that inventory will increase and prices will moderate a bit as a result.

Chart via Warren Group.

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Updated: Boston Real Estate Blog 2024

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