2008 Home Sales, Prices Lowest In Decades
Home sales and price decreases neared 12 percent in 2008, according to Boston-based real estate tracker The Warren Group.
A total of 40,124 single-family homes were sold in Massachusetts during the year, an 11.5 percent decrease from the number of transactions recorded in 2007. The median price for those homes was $305,000, an 11.6 percent drop from $325,000 the prior year.
The Warren Group said 2008's results make it one of the slowest housing markets in more than 20 years.
December sales increased by 4.7 percent compared to December 2007 as the month's median price tumbled by 17.8 percent to $267,250.
Condominium sales slumped by 22.4 percent during the month even as the median condo price fell 12.6 percent to $235,000.
The Massachusetts Association of Realtors, which includes only transactions that involve a real estate agent in its research, said single family home sales were down 13 percent and the median price was down 10 percent in 2008.
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