Median home prices rose last month as new listings and closed sales fell, according to the Massachusetts Association of REALTORS® November housing report.
The report found an increase in housing costs, along with economic factors, led to a decrease in overall inventory, a trend MAR says has been steadily increasing over the past several months.
And Massachusetts is in the same boat as the rest of the country as these increasing costs are causing a market cooldown.
“Inventory continues to be the largest problem facing the Massachusetts housing market,” said Dawn Ruffini, 2022 MAR president and REALTOR® at RE/MAX Connections. “As residents search for relief from inflation, it seems sellers and buyers are willing to cross their fingers and hope for a better climate in 2023.”
Last month, the median price for a single-family home rose 0.72% year over year to $552,950, while new, single-family home listings decreased by 25.7%.
Meanwhile, condominium prices rose just a bit, by 0.05% in November, to $485,250, while condo listings fell 25.5%.
The report also found that single-family closed sales fell 7.13% compared to October, while closed condo sales dropped 5.78%.