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By PBN Staff
By PBN Staff
BOSTON – Sales of single-family homes in Massachusetts fell 2 percent in November compared with the same period a year earlier, the first decrease in year-over-year home sales since April, according to a report released Monday by The Warren Group.
A total of 3,902 single-family homes sold in Massachusetts in November, down from 3,983 sales in November 2012. In Bristol County, single-family home sales dropped even more dramatically, falling 4.2 percent in November to 295 sales from 308 sales in November 2012.
However, year-to-date sales increased 6 percent in Massachusetts during the first 11 months of 2013, totaling 45,979 compared with 43,222 during the same period last year. Year-to-date sales increased 12.5 percent in Bristol County, to 3,143 from 2,794.
“We’re seeing the same thing in Massachusetts that the rest of the country is experiencing: a slight slowdown in home sales, driven by increasing interest rates and tight supply,” said Timothy M. Warren Jr., CEO of The Warren Group. “With the supply of homes for sale low and prices escalating, we may have reached a turning point where the recovery continues but with less frenzy.”
The median price of a Massachusetts single-family home increased to $307,000 in November, up from $295,000 a year earlier. November marked the 14th consecutive month of a median price increase.
The median price for homes sold January through November was $322,000, up 11 percent compared with the $290,000 median price in the same 2012 period.
Bristol County’s median price for November was $240,000, unchanged from the November 2012 price. Year-to-date, the median home price in Bristol County increased 8.5 percent to $245,000 from $225,750.
In November, condominium sales statewide totaled 1,609, a gain of 7 percent from 1,503 a year ago. Year-to-date condo sales posted an increase nearly 6 percent, rising to 18,683 from 17,655 during the same period last year.
Bristol County condo sales rose 6.7 percent in November to 48 from 45 last year. Year-to-date condo sales through the end of the month totaled 566, 19.4 percent greater than the 474 in 2012.
The median condo price in Massachusetts rose 6 percent from a year earlier in November to $299,900. The year-to-date median price of condos in the Bay State was $295,900, 7 percent greater than in the same period last year.
The median condo price in Bristol County fell 14.7 percent in November to $152,750, with a year-to-date increase of 14 percent to $168,500.
The Warren Group is the Boston-based publisher of Banker & Tradesman, The Commercial Record and a series of association publications.