For the second month in a row, housing affordability in the Bay State rose in August, a positive sign for homebuyers, according to the Massachusetts Association of Realtors (MAR) August market report.   

The median sale prices for single-family homes and condos saw month-over-month decreases from July to August, falling 3.8% and 3.4%, respectively. MAR said those decreases led to a 6.7% increase in the housing affordability index for both markets.

“We’re hopeful that with the recent decline in median sales price, it will allow more sellers to enter the market and prospective buyers to pursue and achieve home ownership,” said Amy Wallick, 2024 president of MAR and sales agent at Lamacchia Realty. “With limited inventory,  market competition remains high, leaving sellers in a good place to enter the market and help increase the number of prospective homes available to eager buyers.” 

Last month, the median sale price for a single-family home in Massachusetts increased by 3.2% from August 2023 to $650,000, while new, single-family home listings fell 5.9%.

In the condo market, the annual median sale price rose 2.7% to $557,000 in August as new listings fell 14.2% for the third month in a row. 

Closed sales were also down, falling 3% for single-family homes and down 9.4% for condominiums from July to August.