The number of homes sold in MA actually decreased this past July. On Tuesday, the Massachusetts Association of Realtors (MAR) reported 5,799 sales in July – a 14% drop from last year. This is the first time MAR has reported a drop in sales in over a year.
The median price of single family did go up incrementally to $376,750 in July – a 3.5% increase from last year. According the MAR, median home prices have been up for 15 of the last 16 months.
The median condo price rose to $360,000. That’s close to a 6 percent increase from last year.
Why is this happening? MAR president , Annie Blatz, said that “so much of this year’s activity came early when the market is typically slow. We also know some buyers are getting priced out of the market, and the only way we can fix this is with more inventory.”
Inventory for single families and condos dropped big time in May. Single-family homes available for sale fell 17,650 units in July – down 30% from last year. Similarly, the number of condos for sale dropped 18% from last year.