Although home prices fluctuate from town to town in Massachusetts, statewide home buyers finally got a break from rising home prices. The median price of a single-family home in Massachusetts decreased 1.5 percent in September 2014, marking the first year-over-year price decline since September 2012, The Warren Group, publisher of Banker & Tradesman, reported October 28, 2014.
The median price of a Massachusetts single-family home declined to 320,000 in September, down from $325,000 in September 2013. Through September, the median price was $335,000, an increase of 3.1 percent from $325,000 during the first nine months of 2013. The median selling price in the third quarter was basically flat, increasing a mere 0.11 percent to $340,375 from $340,000 in the same quarter last year.
A total of 4,335 single-family homes sold in Massachusetts in September, a decline of less than 1.0 percent compared with the 4,378 sales in September 2013. From January to September, single-family home sales were down 3.1 percent at 36,733, compared with the 37,925 transactions during the same nine-month period in 2013. Third quarter sales decreased 4.4 percent to a total of 15,444. There were 16,157 houses sold in the third quarter of 2013.
“The decrease in the selling price of single-family homes and the number of sales in September is insignificant,” said Cassidy Murphy, editorial director at The Warren Group. “When we look at the increase in the selling price of single-family homes year-to-date, it is clear that the housing market is still dealing with low inventory and pent-up demand.” On the other hand, home price increases have definitely slowed down as the year has progressed. Many home buyers may just be getting priced out of some cities and towns; however, with mortgage interest rates still low, the slowing of price increases in some communities may be an opportunity for home buyers.
The median condo price in Massachusetts increased 3.1 percent in September to $304,500, up from $295,500 in September 2013. Through the first three quarters, the median price of a condominium was $315,000, an increase of almost 7.0 percent from $295,000 during the same three quarters of 2013. The median sales price increased almost 3.0 percent in the third quarter, rising to $319,000 from $310,538 during the third quarter of 2013.
Condominium sales decreased 9.5 percent in September. A total of 1,626 condos sold in September, down from 1,797 in September 2013. Through September, condo sales increased by 1.1 percent, rising to 15,555 from 15,385 during the same nine-month period last year. A total of 5,963 condos sold in the third quarter, a decrease of almost 10.0 percent from the 6,621 condos sold in the third quarter of 2013.