Massachusetts Home Sales Slump at Mid Year Mark
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Home sales in Massachusetts were down 8.3 percent for the month of June as the housing market failed to rebound in the important spring selling season. Prices for the homes that sold were down about 4.6 percent as the inventory of homes for sale to buyers is much higher than the norm.
Of course, Massachusetts real estate typically experiences greater peaks and valleys compared to the rest of the country. The amazing run up of housing values from 2003 to 2005 has not been given back yet, although the combination of inflation and dropping values will eat away at those gains if this trend continues for a couple more years.
Warren Group reported yesterday that home sales in June dropped 8.3 percent from the same month in 2006, and prices fell 4.6 percent, with the median home price at $334,000…
The condominium market wasn’t spared either. The Realtors association, for example, reported condo sales dropped 3.6 percent, though the median price increased 4.4 percent, to $296,000. In contrast, Warren reported a 12.3 percent decline in condo sales and a 4.1 percent drop in the median price, to $280,000.via The Boston Globe.
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By the way, homeowners trying to get short sale approval should be aware that lenders are comparing the initial loan ...
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