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Sales slip, prices break records in Boston real estate market

by Elizabeth Kanzeg

Sales of single-family homes and condos fell in the month of April as listings fetched record-high prices, according to a new report from the Greater Boston Association of REALTORS.

New data from GBAR shows that median sales prices for single-family homes and condos in Boston broke records, surpassing all-time highs for the month. The median sales price for a single-family home climbed 4.2% year over year, reaching $990,000. Condo median sale prices hit $732,000, an increase of 4.4%.

The increase in price accompanied a dip in sales. Single-family home sales in the greater Boston area saw a decrease of 6% in April when compared to the same month last year. Condo sales also declined on a yearly basis, falling 7.7%.

Inventory in greater Boston improved in April. Single-family homes saw a notable 42.5% increase in inventory compared to the same month last year. Condo inventory also grew, seeing 36.9% growth year over year.

New listings on the market continued to increase, with single-family homes and condos increasing on a yearly basis by 24.5% and 29%, respectively.

“We’re encouraged to see a continued increase in active listings in both markets as buyer demand mounts in the spring market,” said GBAR President Mark Triglione. “Sellers, too, should be encouraged by the increased buyer activity as well as rising home prices, and with the number of pending sales and new listings hitting the market, we are hopeful for a robust housing market for all.”

He continued, “Perhaps in certain segments of the market, the combination of increased inventory and overeager sellers will even trigger certain parties to experience some balance return to the process.”

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