The number of single-family homes put under agreement in July declined 18 percent over the same time last year, while condominium sales dropped 28 percent, the Massachusetts Association of REALTORS® (MAR) reported August 3, 2010.
July is the third straight month that both the number of single-family homes and condominiums put under agreement has gone done compared to the same month last year. The expiration of the home buyer tax credit has clearly slowed the real estate market.
The number of single-family homes put under agreement in July dropped 18 percent compared to the same time last year (4,966 homes in 2009 to 4,050 homes in 2010). On a month-to-month basis, single-family homes put under agreement were down 7 percent from 4,354 homes in June.The number of condos put under agreement in July plunged 28 percent compared to July 2009 (2,025 units in 2009 to 1,466 units in 2010). On a month-to-month basis, condos put under agreement were down 13.2 percent from 1,689 units in June.
Single-family home sales were up in June, marking the 12th straight month of year-over-year increases. Both single-family and condominium median prices were also up in June and in Q2 2010 compared to the same time last year; however, those positive numbers were fueled by the now-expired home buyer tax credit.