Current Market Data
At the same time, mortgage applications declined 1.7% on a seasonally adjusted basis on a week-over-week basis, according to the Mortgage Bankers Association.
In Boston, home prices posted an 11.4% year-over-year gain in August, compared to a 1.3% gain in July. Month over month, prices fell 1.2%.
Boston home values have also rose well above affordability norms.
“After a sustained period of quick sales that kept the housing cupboard relatively bare, a supply of two months presents a lot more options for homebuyers,” said RE/MAX President and CEO Nick Bailey.
The only other time the market saw such change was at the beginning of the pandemic.
Month over month in September, existing-home sales slid 1.5% to 4.71 million, which is 23.8% lower than the year before.
Last month had the fewest number of single-family sales in the month of September since 2014.
New home construction missed analyst estimates in September, falling 8.1% month over month to an annual rate 1,439,000 homes, according to government statistics.
Economic uncertainties continue to impact the Bay State housing market, as affordability challenges once again priced out buyers in September.
The report shows decreases in sales prices, as well as an overall increase in days on the market. While this could be due partially to high interest rates, Bailey says the shift in the market could open up opportunities for buyers who’ve had to put their plans on hold.