Warren Group: Mass. median home price ticks up as sales decline

Updated at 11:15 a.m.

THE MEDIAN PRICE of a single-family home in Massachusetts increased 3.9 percent year over year in October to $374,000. / PBN FILE PHOTO/MICHAEL SALERNO
THE MEDIAN PRICE of a single-family home in Massachusetts increased 3.9 percent year over year in October to $374,000. / PBN FILE PHOTO/MICHAEL SALERNO

BOSTON – There were 5,175 single-family home sales in October in Massachusetts, a 0.9 percent decline the year prior, according to the Warren Group Wednesday.

In that time, the median price of a single-family home in the Bay State increased 3.9 percent to $374,000, the highest median price recorded for the month of October.

“Despite the shrinking single-family home inventory across Massachusetts, sales are more or less on par with where they were in October 2017,” said The Warren Group’s CEO, Timothy Warren Jr. “Demand continues to be strong, and there’s no doubt in my mind that if there were additional homes available on the market, we would have seen a spike in sales last month.”

The Warren Group also noted that there were 4,587 purchase mortgages in October, a 1.3 percent decline year over year. The purchase mortgages had a value of $1.8 billion, a 4.2 percent decline year over year, according to the report.

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Year to date in October, the median price of a single-family home in the Bay State was $385,000, a 5.5 percent increase from the year prior. Year-to-date sales declined 1.4 percent to 50,149.

The median price of a new U.S. single-family home dropped 3.1 percent from a year earlier to $309,700 in October, the lowest since February 2017, according to Bloomberg News Wednesday. The Bloomberg report also noted that there was an 8.5 percent decrease in new home purchases in the Northeast in October.

Condominium sales in October totaled 1,920, a 7.6 percent year-over-year decrease, while the median price increased 0.5 percent to $333,204.

Condo purchase mortgages totaled 1,324 for the month, a 14.2 percent decline year over year. Condo purchase mortgages had a value of $424 million in Massachusetts in October, itself a 14.3 percent drop over the year.

Year to date, condo sales totaled 20,774, a slight decline from 20,813 in October 2017. The median sale price year to date for a condo was $365,000, a 7.4 percent year-over-year increase.

Bristol County, Mass. sale data:

In Bristol County, Mass., the median price of a single-family home sale in October was $310,000, an 8.8 percent increase year over year. There were 467 single-family home sales for the month, an increase of 4.2 percent from October 2017.

Year to date in October, the median single-family home sale price in the county was $304,000, a 4.8 percent increase from the year prior.

Condo sales in Bristol County, Mass., totaled 88 in October, two sales less than the previous year. The median price of a condo in the county was $233,000, a gain of 9.1 percent.

Year to date, the median price of a condo in the county was $218,000, a 7.4 percent increase from October 2017. The number of condo sales year to date in October totaled 825, four more than in the previous year.

Chris Bergenheim is the PBN web editor. Email him at Bergenheim@PBN.com.

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