November single-family home sales in Massachusetts continued to decline in November, while the median price was again on the rise, according to a new Warren Group report.
On a year-over-year basis, single-family home sales fell last month, again affected by higher interest rates, low inventory and economic uncertainties.
The Warren Group’s November sales report found single-family home sales fell 29.4% to 3,806 from 5,394 a year ago, marking the fewest sales of single-family homes in November since 2014.
Warren Group CEO Tim Warren said the drop in sales in November came as no surprise.
“A tightening inventory, higher interest rates and economic uncertainties have had a big impact on consumer confidence, and real estate activity has taken a hit in recent months,” Warren said. “The more important development is the slowdown in median price hikes. The 3.9% increase we saw in November was the smallest percent increase on a year-over-year basis since June 2020.”
The median single-family home price grew 3.9% to $530,000 from $510,000 a year ago. While it was a new all-time high for the month, according to the report, it was the smallest year-over-year percentage increase since June 2020.
Since January, 48,504 homes sold, down 14.5% from the first 11 months of last year. During the same period, the year-to-date median single-family home price rose 7.8% to $550,000.
Meanwhile, condominium sales posted another decline in November, marking the 15th month in a row that sales fell on a year-over-year basis. November condominium sales fell 21.8% to 1,663 from 2,127 a year prior, while the median sale price increased 6% to $475,000, a new all-time high for the month, according to the report.
“The condo market followed very similar trends to the single-family market in November — a massive year-over-year decline in sales paired with a more modest increase in price,” Warren said. “It’s clear that neither market is immune from current economic conditions.”
Since January, there have been 22,094 condos sold, down 21.8% from the first 11 months of 2021, with a median sale price that’s up 7.7% to $490,000.