May home prices in Massachusetts chased away buyers
I’ve written a few columns like this this year with news about the high cost of home ownership in Massachusetts, but I think this is the first time I’ve had to lift my jaw from the keyboard to type the words.
Based in Massachusetts The Warren Group publishes a monthly press release detailing the sales of single-family homes and condominiums for the previous month. The Warren Group’s website states, “We’ve been collecting, storing and licensing real estate and transaction data since 1872.” In other words, they know their business and are a trusted source of information.
The Warren Group reported steadily rising prices and falling sales for months in Massachusetts.
Let’s look at May 2022.
“There were 4,788 single-family home sales in Massachusetts, down 7.3% from May 2021, when there were 5,165 transactions,” The Warren Group said. reported. “The median sale price for single-family homes rose 12.4% year-over-year to $590,000 from $525,000 in May 2021 – a new all-time high for single-family homes since the group Warren started tracking sales in 1987.”
“It’s really indicative of current market conditions,” said Tim Warren, CEO of The Warren Group. “The balance between supply and demand has been out of sync for some time, and this is the manifestation of that imbalance.”
“Many buyers are looking to markets further and further away from major hubs – and even outside of Massachusetts,” he said.
So far this year, there have been 18,371 single-family home sales in Massachusetts, down 10.1% from the same time last year.
Condo sales were down 7.1% from May 2021, with a median sale price of $525,000 for May 2022.
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