Mass. Home Sales Plummet, Market Holds 11-Month Supply
Single-family home sales dropped by more than 28 percent across the Bay State in October, accompanied by a 3.2-percent median price increase, according to The Warren Group, a Boston-based real estate tracker.
Condo sales had an even poorer showing, declining by 36 percent while the median sale price increased 5 percent.
The October median price for single-family homes was $289,000. For condos, it was $252,000.
In all, 3,013 single-family homes were sold in October, the fewest of any month since last February. October was also the fourth consecutive month of year-over-year sales declines.
The Warren Group said it expects sales this month and in December to be slow enough to "make 2010 a downer."
The Massachusetts Association of Realtors reported very similar sales and median price numbers, and noted that the inventory of single-family homes on the market at the end of the month had increased 13 percent from a year ago to 30,860 listings.
At the current sales pace, that's an 11.2-month supply, up from 7.1 months a year ago and 9.9 in September.
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