Massachusetts Home Sales Decline in June

The Massachusetts Association of REALTORS® (MAR) reported on its Web site July 23, 2007 that the number of single-family homes and condominiums sold in the first six months of the year in Massachusetts were down 1.4 percent compared to Q1 and Q2 in 2006.

Sales of single-family homes in June 2007 declined 6 percent compared to June 2006, and condominiums sales decreased 3.6 percent over the same period, the MAR reported.

The median sales price of a single-family home across the state dropped 1.6 percent in June 2007 compared to June 2006. Compared to May 2007, median selling prices were up 2.5 percent for single-family homes. The median price of condos rose 4.4 percent in the same period.

The inventory of residential properties (detached single-family homes and condos) on the market as of June 30, 2007 decreased 16.6 percent compared to the same time last year (from 65,325 listings in 2006 to 54,497 listings in 2007).  At the current sales pace, this represents approximately 7.5 months of supply, a decrease from 8.5 months of supply in June 2006.

The Warren Group, a publisher of real estate data, reported July 23, 2007 that its research indicated a 4.3 percent drop in single-family sales during the first six months of the year compared to the same period in 2006. That's 2.9 percent more than the MAR reported.

The price for single-family homes was 334,000, down 4.6 percent from $350,000 in June 2006, The Warren Group reported. The year-to-date median price for single-family homes fell 3.6 percent from $330,000 last year to $318,000.

Condominium sales experienced the worst drop in sales all year in June, with sales falling 12.3 percent from 3,566 in June 2006 to 3,128. The Warren Group reported that the median sale price in June fell 4.1 percent from $292,000 last year to $280,000. The year-to-date price was down 3.6 percent from $280,000 to $270,000.