Real estate industry hoping May numbers reflect pause
Photo | Grant Welker
A home for sale in the MetroWest area
Massachusetts experienced a sharp decline in home and condo sales in May, but an industry trade group says the numbers reflect a temporary pause.
The Massachusetts Association of Realtors reported Tuesday that home sales were down 30 percent and condo sales were off by nearly 46 percent when compared to May 2019.
"The industry took a pause in the early spring and is starting to move forward again," said Kurt Thompson, association president and a broker at Keller Williams Realty North Central in Leominster. "The spring market will now be the summer market. Most likely, we'll continue to see inventory levels decrease in the short term but will start to see a resurgence when we reach the other side of COVID-19 issues."
The housing market in May was influenced by low mortgage rates, stay-at-home guidance associated with the spread of COVID-19, widespread business closures and rising unemployment and limits on property showings. Debate over housing production legislation took a backseat on Beacon Hill to pandemic response.
There were 3,712 closed home sales in May compared to 5,525 in May 2019, according to the association, and closed condo sales fell from 2,223 in May 2019 to 1,207 last month. The inventory of homes and condos on the market rose by 3,000 in May, but inventory levels are still "significantly lower" than in May 2019, according to the association.
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