Is the Boston housing market experiencing a ‘downshift’?
Boston Condos for Sale and Apartment Rentals
Is the Boston housing market experiencing a ‘downshift’?
There will be more headlines about home sales being down – new Boston condo for sale listings way down – and people might wonder if it means anything. Not really – it’s because there are fewer homes for sale.
It looks like it will continue too.
Can sellers price it in?
Mortgage rates hit 7% again yesterday (with no points), and it’s doubtful that they will come down much once the debt crisis is solved. It’s going to be easy for potential Boston condos buyers to pack it in earlier than usual this year and the summer market is likely to be squishy – at best.
Stay tuned!
Updated: Boston Real Estate Blog May 2023
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Interest rates are rising, Boston condos are staying on the market longer. All indications is that the Boston condo for sale market is loosing steam.
In the most updated video below, Christopher Mayer, Columbia Business Paul Milstein Professor of Real Estate, joins Yahoo Finance Live anchors to discuss home prices and the outlook for the housing market.
Boston Condos for Sale and Apartment Rentals
Click Here to view: Google Ford Realty Inc Reviews
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Boston Condos and Real Estate for Sale
Is the Boston housing market experiencing a ‘downshift’?
In the video above Redfin sees the housing market in a downshift.
Click Here to view: Google Ford Realty Inc Reviews
Boston Condos and Real Estate for Sale
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Boston Downtown Condos for Sale
Is the Boston housing market experiencing a ‘downshift’?
For the first time since early March, no new records were set for median-home-sale prices last month, according to a new Redfin Report. Additionally, the trends for home prices, new listings and sales are starting to look more like patterns the company typically expects this time of year, good news following the unpredictability and ferocious demand seen over the past 12 months.
Median home-sale price
The median home-sale price fell 0.2% to $362,750 from the four-weeks ended July 25 and up 18% year over year,, ending the five-month record-setting home-price streak.
Newly listed home asking prices were up 12% from last year to $358,475 but down 1% from the all-time high during the four weeks ended June 27. Additionally, more than half of all home sales (54.1%) sold above their asking prices.
Pending home sales
Pending home sales were up 3%, the smallest year-over-year increase since the four-week period ended June 28, down 3% from the four weeks ended July 25 and down 12% from the 2021 peak during the four-weeks ended May 30.
Inventory is showing signs of leveling off, as new listings dropped 0.2% from last year, the first decrease since March, according to the report. Newly listed homes increased 1.9% during the four-weeks ended Aug. 1, compared to the four-weeks ended July 25.
Real Estate Mortgage rates
Mortgage rates also declined to below 2.8%, which are levels not seen since winter. If these trends continue, homebuying conditions should improve, the report states. During the week ended July 30, mortgage applications fell 1.7% week over week to their lowest level since May 2020. Thirty-year mortgage rates fell to 2.77% for the week ended Aug. 5, the lowest since mid-February, according to the report.
“Although homes are much pricier than they were before the pandemic, homebuyers now have the benefit of very low mortgage rates and a little less competition than they faced earlier in the summer,” Redfin chief economist Daryl Fairweather said. “This week, a young first-time buyer with an FHA loan had her offer accepted on a home near Myrtle Beach, S.C., after losing out in five bidding wars. I am hopeful that more opportunities like this will arise in the coming weeks if things continue to stabilize.”
The Real Estate Report also Found:
- Active listings fell 26% from last year, the smallest decline since the four-weeks ended Dec. 27.
- Almost half of all pending sales (49.7%) went under contract within two weeks of listing, and 36% of pending sales went under contract within a week.
- The four-week rolling average of median days on market was 16 days.
Is the Boston housing market finally cooling down a bit? If so, why?
Boston Downtown Condos for Sale
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Updated: Boston Real Estate 2021
Boston Downtown Condos for Sale
Boston Condos for sale Sale
Click Here to view: Google Ford Realty Inc Reviews
