A Glimmer of Hope? MA Home Sales Rise in July
The housing market offered a glimmer of hope to those praying for a rebound in home sales in the Bay State.
The Massachusetts Association of REALTORS® (MAR) reported August 20, 2007 that the number of single-family homes sold in July was up 6.0 percent compared to the same time last year, with median sales prices rising 1.3 percent.
Condominiums sales remained virtually unchanged, going down 0.1 percent, with median sales prices up 6.3 percent in July.
"The inventory of residential properties (detached single-family homes and condos) on the market as of July 31, 2007 decreased 17 percent compared to the same time last year (from 63,114 listings in 2006 to 53,966 listings in 2007). At the current sales pace, this represents approximately 8.6 months of supply, a decrease from 10.4 months of supply in July 2006. On a month-to-month basis, the average months of supply went up from 7.5 months of supply in June 2007"
The MAR considers it a balanced market when there is between 7.5 and 8.5 months of available housing supply. Of course, without a home loan, many people won't be able to buy a house.
The Boston Herald reported August 21, 2007 that The Warren Group, a publisher of real estate market research, released data indicating Massachusetts single-family home sales rose 1.5 percent in July compared to July 2006. The Warren Group states it is first time since January, and only the second time in the past two years, that single-family homes sales have increased on a year-over-year basis.
I wouldn't expect a major turn around anytime soon. Market trackers quoted in a Boston Herald article August 22, 2007 predicted the Massachusetts real estate market would continue to struggle.
The Warren Group gathers its data from the registries of deeds in each county. The MAR obtains its statistics from data entered into state's various multiple listing services by real estate professionals. According to the MAR, the data accounts for about 80 percent of the transactions occurring in the state.
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