Home inventory in Massachusetts dropped to a record low in December to close out 2017, forcing the number of sales down but median prices up, according to a new report from the Massachusetts Association of Realtors.
The number of single-family homes sold in the state in December dropped more than 8 percent from December 2016 to 4,336. Closed sales statewide were down four of 12 months in 2017.
Meanwhile, sellers continue to net larger prices from buyers, as the median price for a home in December was $355,000, up 3.6 percent from $342,500 in December 2016.
“December was another case of lack of homes for sale driving the number of closed sales down and prices up,” said 2018 MAR President Rita Coffey. “We need to resolve to find a way to produce more housing in 2018 if we’re going to see homes for sale go up and prices start to moderate.”
2017 as a whole closed out in much the same way: with prices up and sales down. There were 56,082 closed sales of single-family homes in the state last year, down slightly from 56,405 last year. The median price for a single-family home, meanwhile, was $380,000 in 2017, up 5.6 percent from $360,000 in 2016, according to MAR.