Massachusetts single-family home sales declined for the first time in 2016, sliding 12.5 percent July due in part to a lack of inventory, The Warren Group, a publisher of real estate information and data, reported August 23, 2016.
The median price of a single-family home increased 2.7 percent in July to $369,000 compared with $360,000 in July 2015. The median price in June was $372,000. Through July home prices increased 1.5 percent to $345,000 compared to January through July 2015.
"Low inventory, especially in the median price range, continues to be an issue in many areas of the state and prices are rising as a result," Cassidy Murphy, editorial director of The Warren Group, said.
In addition many first-time homebuyers feel real estate has just become unaffordable for low- and moderate-income buyers searhing in Boston and many surrounding cities and towns. Frustrated with the lack of inventory and rising prices, some homebuyers may have just decided to take a break from house hunting as summer approached.
The Massachusetts condominium market mirrored the single-family market in July, with median prices rising and sales falling.
The median condominium price increased 3.7 percent to $350,000 compared to $337,500 in July 2015. From January through July, the median condo price statewide increased 3.3 percent to $327,500 compared to $316,870 during the same time frame last year.
Condo sales declined 15.7 percent in July, with 2,357 units sold compared with 2,795 sold in July 2015. Through July condominium sales increased 7.4 percent to 13,030 unit sales compared to 12,132 during the same period last year.