BOSTON, Oct. 28, 2014 – The median selling price of a Massachusetts single-family home fell in September, marking the first time prices have decreased year-over-year since September 2012, according to the latest report by The Warren Group, publisher of Banker & Tradesman.
The median price of a Massachusetts single-family home fell 1.5 percent in September, to 320,000, down from $325,000 a year earlier. Year-to-date, the median selling price increased to $335,000, up 3.1 percent from $325,000 in the prior year. The median selling price rose very slightly in the third quarter by 0.11 percent to $340,375 from $340,000 in the same quarter last year.
“The decrease in the selling price of single-family homes and the number of sales in September is insignificant,” said Cassidy Murphy, editorial director at The Warren Group. “When we look at the increase in the selling price of single-family homes year-to-date, it is clear that the housing market is still dealing with low inventory and pent-up demand.”
A total of 4,335 single-family homes sold in Massachusetts in September, down less than 1.0 percent compared with the 4,378 sales in September 2013. From January to September, sales were down 3.1 percent at 36,733, compared with the 37,925 transactions during the same period a year ago.
Third quarter sales of single-family homes totaled 15,444, down 4.4 percent from the 16,157 sold in the third quarter of 2013.
In September, condominium sales statewide decreased 9.5 percent. A total of 1,626 condos sold in September, down from 1,797 a year ago. Year-to-date, condo sales were up slightly by 1.1 percent, rising to 15,555 from 15,385 during the same period last year. A total of 5,963 condos sold in the third quarter, down almost 10.0 percent from the 6,621 condos sold in the third quarter last year.
The median condo price rose 3.1 percent in September to $304,500, up from $295,500 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. The median sales price increased by almost 3.0 percent in the third quarter, rising to $319,000 from $310,538 in the same period last year.