Single-Family Home Prices, Condo Sales Still Down, According to The Warren Group.
BOSTON, Aug. 21, 2007 – Single-family home sales rose slightly in July, marking the second time this year that sales have risen in a month. Year-to-date sales and median prices, however, are still down, according to a report released today by The Warren Group, publisher of Banker & Tradesman.
Sales rose 1.5 percent from 5,151 in July 2006 to 5,229 this year. Sales began to fall steadily in February 2005, but experienced a reprieve in January 2007, when they increased by 5.8 percent. Sales have declined every month since, until July.
Single-family home sales overall dropped 5.3 percent in the first seven months of the year from 32,191 in 2006 to 30,496 this year.
The median price for single-family homes fell 4.6 percent in July from $338,400 to $323,000. The year-to-date median price declined 4.7 percent from 332,500 to $317,000.
The median price for condominiums was another bright spot in July, when it increased 0.9 percent from $277,500 last year to $280,000 this year. Condo sales were down only slightly, declining 1.3 percent from 2,693 to 2,658.
Year-to-date sales of condos fell 5.2 percent from 17,938 to 17,009. The median price declined 3 percent from $279,900 to $271,500.
“This is a welcome change for many after the significant declines in sales in May and June, when sales dropped 9.1 percent and 8.3 percent, respectively,” said Timothy Warren Jr., CEO of The Warren Group. “It’s also quite a change from the same time last year. Sales in July 2006 fell 26 percent compared to July 2005 sales. While the July sales numbers represent an encouraging start to the second half of the year, it is likely that the Bay State's home market will continue experiencing significant softness in the months ahead, with tightening mortgage underwriting standards and increasing foreclosure rates both factors that will slow its recovery.”
Middlesex and Plymouth counties experienced the largest single-family home sales increases in the state in July. In Middlesex County, sales rose 15.9 percent from 1,099 last year to 1,274 this year. Year-to-date sales there rose by 0.7 percent from 6,469 to 6,514.
The median price for single-family homes in Middlesex County fell 1.5 percent in July from $431,000 to $424,500. The year-to-date median price dropped 3.6 percent from $415,000 to $400,000.
In Plymouth County, single-family home sales were up 15.2 percent in July from 474 to 546. Year-to-date sales fell 0.7 percent from 3,091 to 3,070. The median price there fell 1.8 percent from $325,950 to $320,123, and the year-to-date price was down 4.2 percent from $333,900 to $320,000.
About The Warren Group
The Warren Group, based in Boston, is the publisher of Banker & Tradesman, The Commercial Record and a series of association publications. As the premier provider of real estate data in New England, The Warren Group offers a range of real estate products and services for professionals and consumers searching for real estate and financial information. For more information about The Warren Group, please visit www.thewarrengroup.com or call 617-428-5100.
Editorial Contacts:
Katie Curnutte
The Warren Group
280 Summer St.
Boston, MA 02210
(617) 428-5100
kcurnutte@thewarrengroup.com