Mass. single-family home sales continue slump as year-over-year price increase slows
Photo | Timothy Doyle
Single-family homes in Worcester
The number of homes sold across Massachusetts this past September dropped by 16.2% from the same month in 2021, according to a report released Tuesday from Peabody real estate research firm The Warren Group. This marks the 15th consecutive month that sales have decreased.
In addition, the median price of a single-family home increased by 7.8% from September 2021, reaching $550,000. This marks a decline from the median sales price of a single-family home in Massachusetts in August which was $565,000.
“Single-family sales numbers took another hit in September as limited inventory, economic uncertainties, and rising interest rates continued to weigh heavily on prospective buyers,” Warren Group CEO Tim Warren said in a press release on Tuesday. “In fact, this was the fewest number of single-family sales that we’ve seen in the month of September since 2014. The median sale price is showing a slowdown as well. Prices are still rising, but at a more moderate pace. Last year there were only three months in which prices failed to increase by double digits. This year, through September, the price increase has been in single digits for six months. The big question is whether we will see the median price decline in a future month.”
Condominium sales saw an even larger decrease, with 22.9% less condos sold in September compared to the same month in 2021. The median price of a condo rose 3.7% from September 2021, reaching $461,500.
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