Both single-family home and condominium sales declined in Massachusetts in April 2017 while home prices increased, The Warren Group, a publisher of real estate news and data, reported May 23, 2017.
The number of single-family home sales declined 4.5 percent in April to 4,102 compared to 4,296 houses sold in April 2016. An extreme lack of real estate inventory is to blame for the decline in sales and the increase in prices. The median home price in April rose 2.7 percent to $345,500 compared to $335,950 in April 2016. Through April, the median home price increased 5.6 percent and sales were flat, with a 0.2 percent sales increase compared to the same four-month period last year.
Condominium sales decreased 1.1 percent in April to 1,705 compared to 1,724 in April 2017. The median condo price increased 3.4 percent to $331,500 in April. Through the first four months of the year, condo sales were up 7.9 percent compared to the same period in 2016, and the median price jumped 9.6 percent.