Home sales drop in Massachusetts
Boston Condos for Sale and Apartments for Rent
Home sales drop in Massachusetts
Signed contracts to buy existing homes in the US unexpectedly dropped in March, the first decline since November 2022 as the lack of supply hampered sales activity during the spring buying season.
The National Association of Realtors’ index of pending home sales fell 5.2% to a reading of 78.9 in March, according to data released on Thursday, far from the gain of 0.8% that Bloomberg economists predicted. On a yearly basis, pending transactions plunged by 23.2%.
The measure, a leading indicator of the housing market’s health, underscores how inventory shortages are quickly becoming the big driver in the market, eclipsing changing mortgage rates, which slipped in March amid turbulence in the banking sector.
“The lack of housing inventory is a major constraint to rising sales,” NAR Chief Economist Lawrence Yun wrote in a press release. “Multiple offers are still occurring on about a third of all listings, and 28% of homes are selling above list price. Limited housing supply is simply not meeting demand nationally.”
Updated: Boston Real Estate Blog 2023
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Prices and volume of home sales in the Commonwealth dropped in May, compared to May, 2006.
According to the Warren Group, the publisher of Banker & Tradesman, the median price of a single-family home in Massachusetts was $315,000 in May, down 4.6 percent from a year ago when the median was $330,000.
… the volume of single-family homes sold in May took its biggest hit so far this year, falling 9.1 percent to 4,765 from 5,242 in May 2006.
The Warren Group, in contrast, reported that the number of condos sold in May fell 2.1 percent to 2,981 from a year ago, and the median price for a condo fell 3.5 percent from $285,000 in May 2006 to $275,000 in May 2007.
The Massachusetts Association of Realtors also released sales results, but their data is not as inclusive as The Warren Group’s, and should be disregarded.
No word yet on city of Boston prices or number of sales. I have to say, things sure seem to be steady, within the city limits. I don’t know if the data will back up my assertion.
Now, if you’ll excuse me, there’s a Margarita with my name on it, waiting for me.
Source: Housing sales continue to slump – By Chris Reidy, The Boston Globe
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