February 15, 2007
Home sales volume drops 14.6%
By Christina Davis
The number of single-family homes sold in Massachusetts in 2006 decreased 14.6 percent compared to 2005, the lowest volume in 10 years, according to a report from the Massachusetts Association of Realtors.
While volume dropped significantly, median prices declined more modestly. Prices of single-family homes decreased only 2.8 percent from $360,000 to $350,000. Condo prices declined only 1 percent.
In Central Massachusetts, the number of home sales declined 19.4 percent, while prices declined 3.7 percent to $285,000.
Inventory of homes and condos in state increased 28.6 percent, extending the sales pace to 11.6 months of supply, up from 7.8 months in 2005.
While volume dropped significantly, median prices declined more modestly. Prices of single-family homes decreased only 2.8 percent from $360,000 to $350,000. Condo prices declined only 1 percent.
In Central Massachusetts, the number of home sales declined 19.4 percent, while prices declined 3.7 percent to $285,000.
Inventory of homes and condos in state increased 28.6 percent, extending the sales pace to 11.6 months of supply, up from 7.8 months in 2005.
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