Last Update: July 3 @ 11:40 PM
Economy
Mass. first-half home sales at 15-year low
“THE SLUMPING MARKET is continuing,” said CEO Timothy Warren Jr. “Tighter lending standards and the availability of credit are big factors in the decline, as is eroding consumer confidence. The rash of bad news ... convinces us that a turnaround isn’t going to happen this year.”

BOSTON – Massachusetts sales of single-family homes fell to a 15-year low in the first half of the year, according to the latest statistics from The Warren Group (TWG), a Boston-based real estate tracker.

For January through June, single-family home sales fell 19.1 percent to 18,487, down from 22,851 in the same months last year.

The drop in single-family home sales in Bristol County closely mirrored the trend statewide; first-half sales dropped 19.31 percent to 1,375, according to TWG, which also publishes Banker & Tradesman.

“What’s clear from these numbers is, we haven’t reached the bottom of the market yet. The slumping market is continuing,” said CEO Timothy Warren Jr.

“Tighter lending standards and the availability of credit are big factors in the decline, as is eroding consumer confidence,” he said. “The rash of bad news about bank failures and Fannie Mae and Freddie Mac’s capital needs convinces us that a turnaround isn’t going to happen this year.”

Statewide, the median price of single-family homes dropped 9.22 percent to $315,000 for the first six months of the year. The decline was sharper in Bristol County, where the median house price for the first half fell 11.67 percent to $265,000.

Massachusetts condominium sales also fell, dropping 28.32 percent statewide compared a year ago to 9,844 sales in the first half of this year. In Bristol County, first-half sales fell 41.4 percent to 334 sales in the first six months of this year from 570 in the same period last year.

The median price of Bay State condos sold in the first half of the year fell 1.07 percent statewide to $277,000; the Bristol County median fell 2.43 percent to $204,900.

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.

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