Sales of Massachusetts single-family homes in August declined to their lowest level in more than two decades while the median price increased slightly, The Warren Group reported September 28, 2010.
A total of 3,659 single-family homes sold in Massachusetts in August 2010, an 18.5 percent drop from 4,492 sales in August 2009. It represented the second consecutive month of year-over-year sales declines, and the first time sales have fallen below 4,000 in the month of August since The Warren Group began tracking data in 1987. Prior to last month, the lowest number of single-family home sales tracked in August was 4,100 in 1990.
Sales of single-family homes edged up from a month ago, when there were 3,590 sales of single-family homes. Year-to-date sales climbed 9.35 percent to 28,567, up from 26,124 a year ago.
Year-to-date sales were up in every county, but sales were boosted in the first half of the year by the federal government's home buyer tax credit.
The median price of single-family homes crept up 3.9 percent to $315,000 in August, up from $303,000 a year earlier. Median prices of single-family homes in Massachusetts dropped from a month ago, when the median price was $320,000. August marked the third straight month of the year that the median price exceeded $300,000. The median price for homes sold January through August was $300,000, up almost 5.26 percent from $285,000 in the prior year.
In August, Massachusetts condominium sales also dropped, declining 23.3 percent from a year earlier. A total of 1,620 condos sold in August, down from 2,113 a year ago.
Year-to-date condo sales were up 9 percent, increasing to 12,830 from 11,764 during the same period last year.
Condo sales increased slightly from a month earlier, when 1,482 condos sold in Massachusetts.
The median condo price also increased in August. The median selling price was $298,500, up 8.5 percent from $275,000 a year earlier. The year-to-date median price of condos in the Bay State is $266,000, up 3.5 percent from $257,000 a year ago.