WALTHAM, Mass. – Bay State Realtors’ optimism about the housing market was short lived, it turns out.
The Massachusetts Association of Realtors said this week that its Market Index stood at 27 in July, down from 29 the month prior. June had represented a 1-point increase in the index from May. Measured on a 100-point scale, the Realtors consider a score of 50 the midpoint between a “strong” and a “weak” market.
“Concerns about the debt ceiling and potential consequences to the economy had an impact on how Realtors felt about the real estate market in July,” President Laurie Cadigan said. “While Realtors were more positive about prices this past month compared to June; low appraisals are a challenge and continue to impact sales.”
The association’s Price Index rose to 40 in July from 38 in June. A score of 100 assumes prices will rise more than 5 percent, while a score of zero means Realtors expect them to fall more than 5 percent.
