PROVIDENCE – The median price of single-family homes in Bristol County, Mass., sold in July was $458,000, a 7.9% increase over the same month last year amid declining sales, The Warren Group said on Tuesday.
The median price of a single-family home across Massachusetts was $585,000 in July, marking an 8.3% rise from one year prior and all-time high for the month.
“Mortgage rates are now over 5% while a year ago they were under 3%. The single-family-home median price is $45,000 higher than a year ago. Increases in wages and salaries are not keeping pace with inflation that is now running at 8.5%,” said Tim Warren, CEO of The Warren Group. “Plus, homebuyers face a very low inventory of homes for sale. All this leads us to a cooler real estate market.”
Sales in Bristol County totaled 418, a 16.4% decrease from 500 in July 2021. Statewide sales fell 17.4% year over year to 5,266.
“We’ve seen the same trend occur for many consecutive months now; prices reach new highs while the total number of sales declines on a year-over-year basis,” Warren said. “Evidence in the cooling is seen in prices. They are rising at a slower rate, gaining just 9% so far this year after gaining 14% last year.”
Condominium sales in Bristol County, Mass., totaled 72, a decrease of 36.3% from the same month last year. Sale prices for a condo in the area increased 11.3% year over year to $286,000.
The median price for a condo in the state was $521,000, a 10.9% increase from a year earlier and the fourth consecutive month the price has topped $500,000. Total sales, however, fell 24.5% year over year to 2,201.
“The median condo price has now been above $500,000 for four consecutive months, and $521,000 marked a new all-time high for the month of July,” Warren added. “The median condo price is up 10.9% in July, outpacing the 8.3% gain in the single-family median price.”
