Mass. home sales slide continues
Sales of single-family homes and condominiums declined in Massachusetts for a fifth consecutive month in August compared to the same period a year ago, according to the Waltham-based Massachusetts Association of Realtors.
Prices also continued to drop due to a softening demand and a steady gain in the supply of unsold homes, according to MAR data. In the detached single-family home market, sales fell 21.6 percent, from 5,395 homes sold in August 2005 to 4,229 this August. Last month’s sales total is the lowest August home sales volume in more than a decade, dating back to August 1995 when 4,107 homes were sold. Condo sales decreased 18.5 percent in the past year, declining from an August record of 2,579 units sold last year to 2,103 this August.
Despite the decline, MAR notes that the August 2006 sales volume is the third highest on record for any August in state history, topped only by the 2,579 condos sold last August and the 2,338 units sold in August 2004.
The number of residential listings rose 20 percent over the past twelve months and the listing time for detached single-family homes has climbed from an average of 77 days on the market last August to 109 days.
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