December single-family home sales see modest decline
Massachusetts single-family home sales declined by less than 1 percent in December, but year-to-date sales were still higher than in 2012, according to data released by The Warren Group on Wednesday.
There were 3,712 homes sold last month, compared to 3,725 in December 2012, The Warren Group said. The decline of less than 1 percent marked the second consecutive month of home sales decreases, and the fewest recorded monthly sales since April. Yet year-to-date sales in Massachusetts increased 4.9 percent over 2012 with 49,699 home sales recorded, up from 47,401 a year ago.
Timothy M. Warren Jr., CEO of The Warren Group, attributed the December decreases to low inventory and increasing interest rates, which he said slowed the market at the end of 2013.
“Sales and prices set a torrid pace in the third quarter of 2013 and through October. Now the market is taking a breather,” Warren said.
Meanwhile, the median price of a single-family home in Massachusetts continued to rise in December. At $311,125, the median increased 3.7 percent from a year ago. It was the 15th consecutive month of year-over-year price increases, according to The Warren Group.
As single-family home sales declined, condo sales jumped 15.3 percent to 1,614 in December, and 6.8 percent to 20,332 for the year. The median price of a condo in Massachusetts increased 7.3 percent to $295,000, The Warren Group said.
Data released by the Massachusetts Association of Realtors (MAR) Wednesday was in line with numbers from The Warren Group, reporting that single-family home sales were down less than a quarter of one percent in December. According to MAR, a lack of inventory continued to push up prices in December, which bodes well for the market in the coming year.
“While 2013 will be remembered for a lack of homes for sale, price increases have improved overall home equity, which should help push sellers into the market in 2014,” MAR President Peter Ruffini said in a statement.
MAR reported slightly higher average home and condo prices than The Warren Group, setting the median price for single-family homes at $320,000 in December. The median price for condos was $305,000, according to MAR.
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