Realtors: Home Sales Down 20%
Homes sales continue to be dismal compared to last year when a first-time homebuyer tax credit fueled the market.
The Massachusetts Association of Realtors reported that single-family home sales fell 20 percent last month compared to the year before, with 2,821 homes sold in the commonwealth.
Prices also continued their slide as the median price for a single-family home fell 8.5 percent, the third consecutive month of price declines on a year-over-year basis.
There is some room for optimism. Sales of homes were up 13 percent from March to April, indicating that there could be some momentum in the market this spring.
Condominium sales were down more than 25 percent compared to last year, but rose about 12 percent compared to the previous month.
April 2010 was the last month of the federal subsidy, so year-over-year comparisons for the rest of 2011 could be a better indicator of the current market.
The Boston-based Warren Group released its figures today as well, noting a 28-percent drop in sales of single-family homes and a price decline for the fifth consecutive month on a year-over-year basis.
The difference in the figures is because the MAR only counts transactions involving a real estate agent.
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