Regional Spotlight: Massachusetts Home Sales and Prices Continue to Sink in April

RISMEDIA, May 28, 2007-The median price of single-family homes fell for the 12th straight month in April, while sales, which had rebounded at the beginning of this year, fell for the third month in a row, according to a report released today by The Warren Group, publisher of Banker & Tradesman.Single-family home sales fell 1.9 percent in April, compared to year-before numbers. There were 4,088 homes sold compared with 4,169 in April 2006. Sales during the first four months of the year fell 0.9 percent, with 14,672 homes sold this year compared to 14,799 sold last year.

The median price for single-family homes dropped 4.7 percent in April, from $335,000 in April 2006 to $319,314. The year-to-date median price declined 3.9 percent from $325,000 last year to $312,500 this year.

“The housing market has seemed to be in a holding pattern for the past three months, with sales inching downward, but not plummeting at levels we saw in 2006,” said Timothy Warren Jr., CEO of The Warren Group. “Prices have been declining steadily as well, but not at the rate seen during a mid-2006, when they declined 8 or 9 percent from year-before numbers. Foreclosures are taking a toll in the housing market at large. Our statistics show more and more homes are coming closer to the auction block, as the distressed homeowners are finding it difficult to sell their homes in this still-slowing market.”

Data for condominiums, and for all cities, towns and counties available by request.

For more information about The Warren Group, visit www.thewarrengroup.com or call 617-428-5100.

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