BOSTON – Sales of single-family homes in Massachusetts last month were the lowest of any November in 16 years, according to a report today by The Warren Group.
Bay State home sales fell 15.4 percent from their year-ago level – in the third month of double-digit declines – to 3,538 single-family sales statewide. The state had posted year-over-year declines of 17.1 percent in October and 18.7 percent in September.
Meanwhile, the median price of homes sold in the state also continued to decline, falling 5.8 percent to $295,000 from $313,000 in November 2006.
Year-to-date sales fell 7.6 percent compared with the first 11 months of 2006, to 47,123 houses sold, The Warren Group said. The year-to-date median price fell 4.7 percent to $311,705.
“Massachusetts’ housing market remained in the doldrums during November, and it's not likely that December will bring much holiday cheer to home sellers,” CEO Timothy Warren Jr. said in a statement today. “The last three months have dragged down the year-to-date sales – and if December’s market is as lackluster as November’s, sales in 2007 could be nearly 10 percent below 2006’s.”
Condominium sales also plunged, falling 23.2 percent from their November 2006 level to 1,713 condo sales across the commonwealth. The median price of condos sold last month in the Bay State fell 4.2 percent to $258,006 from the year-ago median of $269,435.
Year-to-date condo sales fell 8.2 percent to 25,576 units, while their median price fell 1.9 percent compared with the first 11 months of last year, to $269,000.
The Warren Group Inc. is a provider of New England real estate data and the publisher of Banker & Tradesman and other journals. Additional information is available at www.thewarrengroup.com.
