Massachusetts single-family home sales declined, the median price of a home increased, and inventory reached another record low in July, the Massachusetts Association of Realtors (MAR) reported August 22, 2017.
There were 5,709 single-family homes sold in July, a 1.2 percent decrease from the 5,777 homes sold in July 2016. The number of homes sold in Massachusetts has declined or been flat for seven of the last 12 months.
The median home price increased 5.3 percent to $400,000 in July from $380,000 in July 2016. The median price of a single-family home has increased or been flat for 19 of the last 20 months.
Condominium sales increased 3.1 percent in July. There were 2,128 units sold in July 2016 and 2,193 sold last month. The median condo price increased 3.1 percent to $370,000.
Single-family home inventory declined 28.6 percent to 13,788 available houses in July compared to 19,317 in July 2016. The number of homes available on a year-over-year basis has decreased 65 of the last 66 months. The number of months supply of inventory declined from 4.1 months to 2.9 months. About six months of inventory is considered a balanced market between buyers and sellers. Inventory reached its lowest level for July since MAR started tracking inventory data in 2004.
Condominium inventory decreased 27.3 percent to 3,750 available units compared to 5,155 in July 2016. Condo inventory has declined 19 or the last 20 months on a year-over-year basis. The number of months supply of condo inventory dropped to only two months in July.