Subscribe To Our Daily Newsletter!

Regional Spotlight: Home Sales, Condo Prices in Massachusetts Rise in July

 Print Article

RISMEDIA, August 24, 2007-Single-family home sales rose slightly in July, marking the second time this year that monthly sales have risen. Year-to-date sales and median prices, however, are still down, according to a report released today by The Warren Group, publisher of Banker & Tradesman.

Sales rose 1.5% from 5,151 in July 2006 to 5,229 this year. Single-family home sales began to fall steadily in February 2005, but experienced a reprieve in January 2007, when they increased by 5.8%. Sales have declined every month since, until July. Single-family home sales overall dropped 5.3% in the first seven months of the year from 32,191 in 2006 to 30,496 this year.

The median price for single-family homes fell 4.6% in July from $338,400 to $323,000. The year-to-date median price declined 4.7% from 332,500 to $317,000.  The median price for condominiums was another bright spot in July, when it increased 0.9% from $277,500 last year to $280,000 this year. Condo sales were down only slightly, declining 1.3% from 2,693 to 2,658.

Year-to-date sales of condos fell 5.2% from 17,938 to 17,009. The median price declined 3% from $279,900 to $271,500.

“This is a welcome change for many after the significant declines in sales in May and June, when sales dropped 9.1 percent and 8.3 percent, respectively,” said Timothy Warren Jr., CEO of The Warren Group. “It’s also quite a change from the same time last year. Sales in July 2006 fell 26 percent compared to July 2005 sales. While the July sales numbers represent an encouraging start to the second half of the year, it is likely that the Bay State’s home market will continue experiencing significant softness in the months ahead, with tightening mortgage underwriting standards and increasing foreclosure rates both factors that will slow its recovery.”

For more information, visit www.thewarrengroup.com or call 617-428-5100.

Join RISMedia on Facebook and share your views on this topic. Visit www.facebook.com/rismedia to continue the conversation!

Looking for fresh, daily content for your blog, newsletter or website? REsource Real Estate Content Solutions provides access to thousands of RISMedia articles and videos starting as little as $9.95 per month! Visit resource.rismedia.com now and get publishing today!

RISMedia welcomes your comments and questions. Email realestatemagazinefeedback@rismedia.com.

Categories: Real Estate