Home Sales and Prices Down in August; Prices Drop Consistently in Nearly Every Month of 2007

RISMEDIA, Sept. 27, 2007-Single-family home median prices fell in August for the 16th straight month, and sales followed after a brief reprieve in July, according to a report released today by The Warren Group, publisher of Banker & Tradesman.

Single-family home sales across the state were down 1.5% in August from 5,614 last year to 5,528 this year. In July, sales rose 1.5% compared to year-before numbers. Year-to-date sales as of the end of August fell 4.7% from 37,805 to 36,042.

The median price of single-family homes decreased 4.9% in July from $330,000 to $314,000, marking the seventh month in 2007 when prices fell between 4.5 and 5% compared to year-before numbers. The exception was March, when prices dropped 1.6%. That trend has left a year-to-date price decrease, as of the end of August, of 4.7% from $332,000 to $316,500.

Condominium sales and prices across the state followed suit and fell in August. Sales were down 2.2% from 3,119 in August 2006 to 3,050 in August 2007. Year-to-date sales fell 4.7% from 21,057 to 20,062.

The median price of condominiums dropped 1.1% in August from $276,000 to $273,000, and the year-to-date median price fell 2.8% from $279,800 to $271,887.

“Although sales numbers have fluctuated throughout the first eight months of this year, we’re seeing remarkable consistency in price changes,” said Timothy Warren Jr., CEO of The Warren Group. “It seems the market is reaching its natural level for the time being. That trend is likely to continue during the last four months of this year.”

The Warren Group, based in Boston, is the publisher of Banker & Tradesman, The Commercial Record and a series of association publications. As the premier provider of real estate data in New England, The Warren Group offers a range of real estate products and services for professionals and consumers searching for real estate and financial information.

For more information, visit www.thewarrengroup.com.

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