Sales, prices down in Massachusetts

Sales and prices of Massachusetts homes both fell last month compared with the same period of 2006, according to a report released last week by The Warren Group.
Single-family home sales fell 17.1 percent compared with October 2006, to 3,646 statewide, after falling 18.7 percent in September. The two months of double-digit declines had been preceded by two months of relative stability, as August’s 1.5-percent decrease in house sales erased July’s 1.5-percent increase.
The median price of single-family homes sold in October fell to $290,000 – a decline of 6.5 percent, the largest percentage drop so far this year – from $310,000 a year ago. It was the largest year-over-year decline since December 2006, when prices fell 8.1 percent.
In October’s report of a September decline, the company cited “consumer skittishness” over so-called jumbo mortgages not backed by Fannie Mac or Freddie Mac, as well as increased difficulty in qualifying for such loans.
Year-to-date house sales fell 7 percent to 46,797 across the state, while their median price fell 4.4 percent to $314,482.
Bay State condominium sales also plunged last month, falling 16 percent compared with a year ago to 1,874 sales statewide. •