The various measurements for Boston’s housing market were all over the place in September.
Photo credit: Ys17: http://commons.wikimedia.org/wiki/File:Boston_skyline_at_earlymorning.jpg)
September was quite the month for the Boston-area’s housing market, with the latest report from the Greater Boston Association of Realtors showing a market with no shortage of nuance.
Here were the main takeaways from the report:
- From a sales perspective, the month was a lousy one, with single-family sales down 8.2 percent and condo sales down 9.0 percent.
- Median price, meanwhile, was more mixed, with single-family price falling 2.5 percent but condo prices (riding the current multifamily boom) rising 4.9 percent.
- It’s unsurprising, then, then affordability measurements inverted price, with single-family affordability rising 1.3 percent and condo affordability falling 5.8 percent.
- Inventory was down across the board, falling 2.7 percent for single-family properties and 25.5 percent for condos.
- There was one notable sign came in pending sales, which rose for both single family and condos by 10.8 and 6.8 percent, respectively.
What’s the World Got in Store?
Such wild numbers, GBAR explained, are the result of a similarly crazy market, one that has seen considerable change in the last year.
“The departure of investors from the scene,” GBAR stipulated, “should benefit first-time homebuyers, but student debt and sluggish wage growth have slowed that transition. The economy is growing, but it’s growing at a slower pace than desired.”
In other words, the major source of housing demand through 2013 – wealthier consumers and investors – have abandoned ship (what with home prices rising beyond comfortable profit margins), and we’re now left with an economy that has only improved marginally in recent years. As we’ve reported on numerous occasion, housing will not truly recover until the overall economy recovers, and Boston’s September market was a wonderful encapsulation of that truth.
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