Sales activity declines as inventory levels lag behind demand.
PEABODY, August 28, 2019 – The median sale price for both single-family homes and condominiums continued to rise in July on a year-over-year basis, according to a new report from The Warren Group, publisher of Banker & Tradesman.
Last month, there were 6,417 single-family home sales recorded in Massachusetts, a 4.6 percent decrease from July 2018 when there were 6,726 transactions. Meanwhile, the median single-family sale price rose 4.4 percent on a year-over-year basis to $425,000, which marked an all-time high for the month of July. Year-to-date, there have been 32,643 single-family home sales – a 1.8 percent decrease from the first seven months of 2018 – with a median sale price of $400,000 – a 3.9 percent increase on the same basis.
“The median single-family home price hitting $425,000 marked an all-time high for July,” said The Warren Group Associate Publisher and Media Relations Director Cassidy Norton. “Although the spring market is now behind us, I don’t expect a return to normalcy anytime soon. Don’t be surprised if we continue to see major price gains on a year-over-year basis in the coming months.”
Concurrently, there were 5,828 purchase mortgages for single-family homes in July, marking a 2.2 percent decrease on a year-over-year basis.
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In July, there were 2,463 condominiums sales, compared to 2,527 sales in July 2018 – a 2.5 percent decrease. Meanwhile, the median sale price rose 1.3 percent to $390,000. Year-to-date, there have been 13,831 condo sales – a 3.7 percent decrease – with a median sale price of $380,000 – a 1.3 percent increase from the first seven months of 2018.
“Numerous luxury condo developments are scheduled for delivery to the Greater Boston housing market in the near future,” Norton continued. “Many of the developments will feature coveted amenities, high-end finishes, and will be located near public transportation. I fully expect these luxury units to continue adding upward pressure to the statewide median condo price for some time.”
Condos accounted for 1,901 purchase mortgages last month, totaling $713 million. Year-to-date, condos have accounted for 10,482 purchase mortgages totaling $3.92 billion.
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Customers use The Warren Group to identify new business opportunities through access to comprehensive real estate and mortgage data, analytics, and industry news coverage. The Warren Group was established in 1872 and is now in its fourth generation of family ownership and management. It is the publisher of Banker & Tradesman, The Commercial Record, and The Registry Review. For more information visit www.thewarrengroup.com.
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