Massachusetts single-family home sales drop in August

MASSACHUSETTS single-family home sales declined 6.6 percent in August, marking the sixth time sales have decreased year-over-year in 2014, according to the latest report by The Warren Group, publisher of Banker & Tradesman. / COURTESY THE WARREN GROUP
MASSACHUSETTS single-family home sales declined 6.6 percent in August, marking the sixth time sales have decreased year-over-year in 2014, according to the latest report by The Warren Group, publisher of Banker & Tradesman. / COURTESY THE WARREN GROUP

BOSTON – Massachusetts single-family home sales declined 6.6 percent in August, marking the sixth time sales have decreased year-over-year in 2014, according to the latest report by The Warren Group, publisher of Banker & Tradesman.
In August, 5,417 single-family homes sold, a drop from 5,797 sales in August 2013.
Although this was the third time this year that sales surpassed the 5,000 mark, year-to-date sales have fallen 3.1 percent at 32,382, compared with 33,399 during the same period a year ago.
“Home sales volume has been a bit disappointing all summer,” The Warren Group CEO Timothy M. Warren Jr. said in a press release. “As reported in this week’s Banker & Tradesman, there is a discrepancy between the increase in pending sales and the number of closed sales transactions. It could be due to tough mortgage underwriting standards or cold feet after a rushed offer.”
The median price of a Massachusetts single-family home increased nearly 2 percent in August to $349,000. The median sales price has increased each month year-over-year since October 2012.
From January through August, the median selling price increased 3.1 percent to $335,000 on a year-over-year basis.

In August, condominium sales statewide fell 15.3 percent. A total of 2,101 condos sold in August, compared with 2,479 a year ago. This marked the highest percentage decrease of condominium sales since December 2011, when there was a 15.6 percent decline. Year-to-date, condominium sales have increased 2.7 percent, rising to 13,929 from 13,559 during the same period last year.

The median condominium price rose 1.6 percent in August to $325,000 from $319,900 a year earlier. The year-to-date median price of condominiums in the Bay State was $315,000, a 7 percent gain on the same 2013 period.

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