By PBN Staff
By PBN Staff
BOSTON – Tightening supply resulted in fewer single-family and condominium sales in Massachusetts in July, while driving home prices higher, according to the latest statistics released by The Warren Group.
The real estate data tracker and publisher recorded a 4.2 percent year-over-year decline in the number of single-family homes sold, falling to 5,688 from 5,940 in July a year ago. The Warren Group noted that it was the first time since 2010 that the number of homes sold in July had declined from the year before. At the same time, the median sales price for single-family homes in the Bay State increased 1.7 percent to $355,000.
Condo sales fell 4.3 percent to 2,235 in the month, even as the median sale price rose 5.5 percent in July to $327,000.
“The decrease in single-family home and condo sales is discouraging, and the limited inventory is definitely a factor,” said Cassidy Murphy, editorial director of The Warren Group, publisher of Banker & Tradesman. “The rise in the median selling price for both single-family homes and condos indicates that good inventory is selling quickly, and at a good price. There just isn’t a lot of it.”
The market in Bristol County for July did not reflect the statewide trends. Single-family home sales recorded a 15.1 percent year-over increase to a total of 388, with the median price per home sold increasing 0.8 percent to $265,000. Similarly, the number of condos sold in July increased on a year-over-year basis in Bristol County by 7.7 percent to 70, but the median price fell 3.1 percent to $174,500.
Year-to-date single-family home figures for the state were consistent with the July numbers, as sales declined 2.3 percent to 26,965 compared with the first seven months of 2013, with the median sales price increasing 4.7 percent to $335,000. By contrast, condo sales showed a 6.7 percent increase in volume to 11,827 in July, with an 8.6 percent gain in the median price to $315,000.
The Warren Group is the Boston-based publisher of Banker & Tradesman, The Commercial Record and a series of association publications.