For the fifth month in a row in July, home sales declined nationally, including here in the Bay State, as home prices continued to rise.
The Massachusetts Association of REALTORS® July housing data report found high home prices and mortgage rates continued to cool the local market, as the cost of buying a home was up 80% compared to 2019.
Dawn Ruffini, MAR president, said while inventory has been an issue, there are some positive changes on the horizon, as housing stock continues to climb.
“While affordability remains an issue for prospective buyers, particularly in the wake of mortgage rates increasing, this positive change in inventory indicates options are once again on the horizon for buyers,” Ruffini said.
Last month, the median price for a single-family home rose 8.5% year over year to $607,000, and new single-family home listings fell 11.5%.
Condominium prices also rose in July, climbing to $530,000, which represents a 10.4% increase from 2021, while condo listings fell 18.1% from last year.
The report also found single-family closed sales fell 16.2% compared to last year, while closed condo sales dropped 26.7%.