Home Sales, Prices Tumble In July
The median price of a home in Massachusetts tumbled 12.3 percent to $320,000 in July, according to Boston-based real estate tracker The Warren Group.
In July 2007, the median price of a single family home was $365,000. The Warren Group said the July decline was the sharpest since the organization began tracking the housing market in 1987. Year-to-date, the state's median home price is $316,000, a 9.7 percent drop from $350,000 the previous year.
Home prices are being dragged down by the glut of foreclosures hitting the market, The Warren Group said, noting that five and six years ago, it was reporting double-digit price increases as the residential real estate market began to overheat.
July prices declined in every county except Nantucket. The number of July home sales dropped 6.4 percent to 4,495 compared to July 2007.
Also, the Waltham-based Massachusetts Association of Realtors reported a 10 percent drop in single family home sales and a 6.7 percent drop in condominium sales. The MAR reported a July median sale price of $326,500.
MAR only accounts for transactions that involve a real estate agent.
WBJ Web Partners
Most Recent
Most Recent
0 Comments