BOSTON, September 23, 2014 – Sales of Massachusetts single-family homes fell 6.6 percent in August, marking the sixth time sales have decreased year-over-year in 2014, according to the latest report by The Warren Group, publisher of Banker & Tradesman.
A total of 5,417 single-family homes sold in Massachusetts in August, down from 5,797 sales in August 2013. This was the third time sales have surpassed the 5,000 mark this year. Year-to-date, sales were down 3.1 percent at 32,382, compared with 33,399 during the same period a year ago.
“Home sales volume has been a bit disappointing all summer,” said The Warren Group CEO Timothy M. Warren Jr. “”As reported in this week’s Banker & Tradesman, there is a discrepancy between the increase in pending sales and the number of closed sales transactions. It could be due to tough mortgage underwriting standards or cold feet after a rushed offer.”
The median price of a Massachusetts single-family home increased almost 2.0 percent in August, to 349,000, up from $342,300 a year earlier. The median sales price has increased each month year-over-year since October 2012. From January through August, the median selling price increased to $335,000, up 3.1 percent from $325,000 in the prior year.
In August, condominium sales statewide decreased 15.3 percent. A total of 2,101 condos sold in August, down from 2,479 a year ago. This marked the highest percentage decrease of condo sales since December 2011 when there was a 15.6 percent decrease. Year-to-date, condo sales were up slightly by 2.7 percent, rising to 13,929 from 13,559 during the same period last year.
The median condo price rose 1.6 percent in August to $325,000, up from $319,900 a year earlier. The year-to-date median price of condos in the Bay State was $315,000, up almost 7.0 percent from $295,000 a year ago.