Median single-family home price continues to trend higher
PEABODY, MA, October 24, 2018 – Both single-family home and condominium sales across Massachusetts declined in September on a year-over-year basis, according to a new report from The Warren Group, publisher of Banker & Tradesman.
Last month, there were 4,942 single-family home sales in Massachusetts, an 8.1 percent decrease from September 2017. The median single-family home price increased 4.7 percent to $379,450, up from $362,400 a year earlier. This marks 30 consecutive months of median single-family home price gains on a year-over-year basis. Year-to-date, the median price rose 6.2 percent to $387,500, while sales edged 1.5 percent lower with 44,973 transactions.
“This is the fewest single-family home sales recorded in the month of September since 2014,” said Tim Warren, CEO of The Warren Group. “The dynamic between supply and demand continues to play out across Massachusetts. Low inventory of homes for sale in a booming economy translates to lower sales volume and rising prices. These conditions continue to make this a seller’s market.”
Concurrently, there were 4,342 purchase mortgages for single-family homes in September, marking an 8.7 percent decrease on a year-over-year basis. September purchase mortgages totaled $1.62 billion – a 7.2 percent decrease from a year earlier. Year-to-date, single-family homes have accounted for 39,944 purchase mortgages across Massachusetts totaling $15.66 billion.
Condominium sales in September totaled 1,865 transactions, marking a 14.3 percent decrease from a year earlier. Meanwhile, the median condo price dipped 3.8 percent to $328,000 – the lowest price achieved for the month of September since 2015. Year-to-date, condo sales increased 0.6 percent with 18,853 transactions compared to the same period in 2017, while the median price rose 8.4 percent to $369,000.
“September marked the first time this year that the median condo price declined on a year-over-year basis,” Warren said. “But despite the year-over-year decline in September, I full expect 2018 to go down as a record-setting year for that market.”
Condos accounted for 1,363 purchase mortgages last month, a 14.4 percent decrease on a year-over-year basis. September condo purchase mortgages totaled $437 million, a 14.6 percent decrease from September 2017’s $512 million. Year-to-date, condos have accounted for 13,733 purchase mortgages totaling $4.86 billion.
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