Real estate inventory in the Bay State continues to be a challenge for buyers looking for single-family homes as well as condominiums.
According to the Massachusetts Association of Realtors July Housing Report, single-family home inventory dropped 40.3% from last year while condominium inventory fell 36.7%.
Median home prices also fell, but slightly, last month. The median price of a single-family home was $560,000 and the median condominium price was $480,000, both down from June’s record high.
In July single-family home listings fell 8.4% from 2020. Condominium listings dropped 14.1%, according to the report, which also found closed home sales fell 11.2%, closed condominium sales jumped 11.7%.
Nationally the report cited a slight increase in inventory last month from the National Association of Realtors due to sellers taking advantage of record-high housing prices, but that despite that increase, inventory across the country is still 18.8% lower than it was last year, according to the report.
MAR President Steve Medeiros said the lower housing inventory in Massachusetts has contributed to record-high sales prices this year, but they are starting to see some improvement in inventory rates.
“Historically, newly listed homes typically decline from June to July, though this year single-family home listings increased 5% over June,” Medeiros said in a press release. “Many national economists are saying that we do not have the same factors as in 2008, particularly the risky lending practices that were the primary contributor to the bubble. With lower interest rates and a moderate increase in inventory, consumers should not be wary of another housing bubble.”