For the first time since February, closed sales fell month over month in July, despite hopes for a strong summer season, according to the Massachusetts Association of Realtors’ latest housing report. 

MAR’s report found closed sales dipped in July following a four-month streak of increases and marked the second month in a row new listings declined. Inventory issues continued to hamper the market, driving up competition for what is available, a marked difference from what was expected this summer.

“While we generally see a hot real estate market in the summer, inventory continues to hold it back from achieving any year-over-year growth,” said Theresa Hatton, MAR’s CEO. “With the competitive buying market we are seeing, many potential sellers are refraining from listing their homes due to the attractive existing mortgage rates they have, combined with the stress of entering the buyers’ market after their current home sells.” 

Last month, the median sale price for a single-family home in Massachusetts increased 5.8% from July 2022 to $640,000, while new, single-family home listings decreased by 26.7%. 

The median condominium price also increased from last year, up 7.4% to $569,000, while condo listings fell 17.6%.

The report also found that year over year, single-family closed sales fell 23.6% from 2022, while closed condo sales dropped 15.2%.