Home sales decline in Mass., Bristol County in October

SINGLE-FAMILY home sales fell 4.4 percent over the year in the Bay State in October to 4,913, The Warren Group said. / BLOOMBERG NEWS FILE PHOTO/DERICK E. HINGLE
SINGLE-FAMILY home sales fell 4.4 percent over the year in the Bay State in October to 4,913, The Warren Group said. / BLOOMBERG NEWS FILE PHOTO/DERICK E. HINGLE

BOSTON – Single-family home sales fell 4.4 percent in Massachusetts in October to 4,913 from 5,138 a year ago, The Warren Group said Tuesday.
The sales decline marks only the second time this year that the number of homes sold decreased from the same month during the previous year.
However, sales for the 10-month period through October rose nearly 11 percent, to 50,561 from 45,648.
October’s median sale prices rose 3.7 percent to $340,000 on a year-over-year basis, and year to date, median sale prices increased 1.7 percent from last year to $346,000.
“Homes sales in the first half of 2016 were gangbusters,” Timothy Warren, CEO of The Warren Group, said in a statement. “It is still too early to tell if demand has waned or whether low inventory leaves prospective homebuyers with too few choices. With interest rates expected to rise before year-end, we may see a steady, but not booming market this winter.”
Bristol County also saw single-family home sales fall over the year in October. Sales in the county dropped 3 percent to 416 from 429. But year to date, sales jumped 34.7 percent, to 4,127 from 3,063. The median sale price also rose 2.5 percent in October in the county, to $266,556 from $260,000, and nearly 7 percent year to date, to $274,900 from $257,500.
Statewide, condominiums sales decreased 2.8 percent to 1,886 in October from 1,940 in October 2015. Year to date, condo sales increased 7.7 percent to 20,001 compared with 18,564 in the same time frame last year.
The October median sale price for condos reached $315,000, a 1.6 percent increase from $310,000 in the same month last year. Year to date, condo prices climbed 4.7 percent to a median sale price of $330,000.
Bristol County bucked statewide patterns over the year in October with a 6.6 percent increase in condo sales, to 81 from 76, and a 53 percent increase year to date, to 777 from 508. Condo median prices in the county fell 0.6 percent in October to $179,000, and slipped 0.3 percent year to date to $185,000.

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