Economic uncertainties continue to impact the Bay State housing market, as affordability challenges once again priced out buyers in September. 

According to the Massachusetts Association of REALTORS® September housing report, the market is continuing to cool coming off the challenging summer real estate market. 

With mortgage rates topping 6% for the first time in 14 years and the growing cost of borrowing, existing home sales declined for the seventh month in a row in September as “affordability continues to be a barrier to market entry for many prospective homebuyers, nationally and locally,” according to the report. 

“Though various affordability factors continue to affect buyers’ ability to enter or compete in the current market, we are optimistic that market resets and local increase in inventory month over month, will help increase options for prospective buyers,” said Dawn Ruffini, 2022 president of MAR and REALTOR® at RE/MAX Connections. “Given the economic factors at play, sellers should expect homes to begin spending more time on the market as it slows in accordance with historic seasonal trends.”

Last month, the median price for a single-family home fell by 4.36% year over year to $570,000, while new single-family home listings rose 8.51%.  

Condominium prices also fell in September, dropping to $480,000, which represents a 3.98% decrease from 2021, while condo listings climbed 43.89% from last year. 

The report also found single-family closed sales fell 14.44% compared to last year, while closed condo sales dropped 18.35%.