Massachusetts Home Buyer Guide

Massachusetts single-family home sales declined 6.6 percent in August compared to August 2013, The Warren Group, publisher of Banker & Tradesman, reported September 23, 2014. August was the sixth month in 2014 that single-family home sales decreased on a year-over-year basis. 

A total of 5,417 single-family homes sold in Massachusetts in August, down from 5,797 sales in August 2013. August was the third month in 2014 with more than 5,000 in sales. Through August, sales were down 3.1 percent at 32,382, compared with 33,399 during the same eight-month period last year.

"Home sales volume has been a bit disappointing all summer," said The Warren Group CEO Timothy M. Warren Jr. "As reported in this week's Banker & Tradesman, there is a discrepancy between the increase in pending sales and the number of closed sales transactions. It could be due to tough mortgage underwriting standards or cold feet after a rushed offer."

The median price of a single-family home increased almost 2 percent in August to 349,000, up from $342,300 in August 2013. The median sales price has increased every month year-over-year since October 2012, according to The Warren Group. From January through August, the median selling price increased to $335,000, up 3.1 percent from $325,000 in the first eight months of 2013.

In August, Massachusetts condominium sales decreased 15.3 percent. A total of 2,101 condos sold in August, down from 2,479 a year ago. August marked the highest percentage decrease of condo sales since December 2011 when there was a 15.6 percent decrease. Through the first eight months of 2014, condo sales increased 2.7 percent, rising to 13,929 units sold from 13,559 during the same eight-month period last year.

The median price of a Bay State condo increased 1.6 percent in August to $325,000, up from $319,900 a year earlier. Through August, the median price of condos were $315,000, up almost 7 percent from $295,000 during the first eight months of 2013.

The Massachusetts Association of Realtors reported September 23, 2014 that single-family sales declined 6.9 percent and median prices rose just 1.4 percent. It also reported a 11.6 percent decrease in condo sales and 1.4 percent increase in median condo prices.