May Home Sales Slowest In 20 Years
Single family home sales had their slowest month in nearly 20 years in May, declining 13 percent from the same month a year ago.
There were 3,256 single family homes sold in Massachusetts in May. A year earlier, 3,749 were sold. Between January and May, home sales slid 12.5 percent compared to a year ago, according to Boston-based real estate tracker The Warren Group.
The median sale price of single family homes in May was $280,000 compared to $322,000 in May 2008. That's the smallest year-over-year price decline in the last nine months. Foreclosed and bank-owned properties have made up 7.6 percent of all single family home sales so far this year.
Condo sales tumbled by 22 percent compared to last May and the median condo price was $257,000 compared to $287,000 a year ago.
According to the Massachusetts Association of Realtors, the median sale price of a single family home was down 11.9 percent to $284,000 in May and condo prices were down 6.2 percent to $282,500. Sales were down 15.3 percent and 24.6 percent in those two markets, respectively, the association said.
The association's statistics include only transactions that involve real estate agents.
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