Massachusetts single-family home sales declined 13.7 percent in the second quarter of 2008, and condo sales dropped 23.6 percent in the same period in 2007, The Boston Globe reported July 28, 2008.
The Massachusetts Association of REALTORS® (MAR) provided the data.
The median selling price for a single-family home stood at $334,900, an 8.5 percent decline from Q2 2007.
The good news for sellers is that inventory is down compared to last year. The MAR also said sales on a month-to-month basis are up, but that really doesn't appear to be a useful statistic.
The inventory of residential properties on the market in the Commonwealth as of June 30, 2008 decreased 6.7 percent compared to the same time last year (from 54,497 listings in 2007 to 50,705 listings in 2008).
Meanwhile, The Warren Group, a publisher of real estate data,
reported that Massachusetts had the fewest home sales over the
first half of 2008 than in any six-month period since 1991.
Read The Boston Globe Article
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