Current Market Data
The pace of home sales has quickened this spring and it’s not just the highly sought-after entry-level home enjoying the brisk sales pace.
Housing records continue to be broken, but despite the strong numbers, data could indicate homebuyer demand is reaching a peak.
Higher income, backed up by lower mortgage rates, has expanded the reach of the average homebuyer, but an increased demand for homes has concurrently driven up prices, negating two of the three main factors in First American Financial Corp.’s Real House Price Index.
The number of sales, as well as the price of single-family homes and condos, continued to rise in the Boston area last month.
Massachusetts home and condo sales hit new records in April and for the first time, the median single-family home price surpassed $500,000.
The limited inventory that has plagued the housing market continued, although at an abated pace.
An analysis of 10 years of home sales found the spring and summer months offer the most gains for sellers, particularly the month of May.
Boston was the leader in the northeast region for the largest share of equity-rich homes.
These included 79.7% of the offers in Boston, a bump from the 74.8% rate this past March and leap from the 56.3% rate in April 2020.
Builder confidence was steady in May, carrying over April’s reading of 83 for another month, according to the most recent National Association of Home Builders/Wells Fargo Housing Market Index.