Nine-Month Supply Of Homes On Market As Sales Dwindle
Massachusetts single-family home sales dropped to their lowest level in more than 20 years during August, according to Boston-based real estate tracker The Warren Group.
A total of 3,659 single-family homes were sold compared to 4,492 during the same month a year ago. August was the second month of year-over-year sales declines and the first time August sales have dipped below 4,000 since The Warren Group began tracking real estate data in 1987.
However, the August total was up from 3,590 homes sold in July and year-to-date sales were up 9.4 percent compared to the same period a year ago.
The median price of homes sold in August was $315,000, up from $303,000 a year ago and down from $320,000 a month earlier.
Condo sales dropped 23.3 percent from last year. A total of 1,620 were sold last month for a median price of $298,500, up 8.5 percent from a year earlier.
The Massachusetts Association of Realtors reported similar sales and median price numbers for the month. It also said the inventory of single-family homes on the market at the end of August increased 12 percent from a year earlier to 31,560 listings on the market, a 9.5-month supply of houses at the current sales pace.
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