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.
"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.