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Recent Housing Data News Releases

Massachusetts Home Prices Continued Upward in May as Sales Down Again

by Eric Berman | Jun 24, 2014

More homes needed on the market to meet demand

May 2014 Sales Data
May 2014 Podcast with MAR 2014 President Peter Ruffini

WALTHAM, Mass. – June 24, 2014 – The Massachusetts Association of REALTORS® (MAR) reported today that May home prices have gone up as sales went down for the fourth straight month. The condominium market had similar results with prices up and sales down.

May 2014 Closed Sales:

Single-Family

May 2014

May 2013

%Change

Sales

4,300

4,772

-9.9%

Median Price

$347,900

$325,000

+7.0%


  • 4th straight month of single-family (SF) year-over-year sales decreases
  • 20th straight month of SF median price increases
  • Highest SF median price since August 2007 ($356,000)

Condominium

May 2014

May 2013

%Change

Sales

1,994

2,016

-1.1%

Median Price

$316,000

$290,000

+9.0%


  • 12th straight month of median price increases
“Shrinking inventory and growing prices describes the market in May,” said 2014 MAR President Peter Ruffini, regional vice president at Jack Conway & Co., in Norwell. “Qualified buyers are taking advantage of the still-low interest rates to buy the limited supply of homes available and are pushing prices up.”

Inventory and Days on Market:

Single-Family

May 2014

May 2013

%Change

Inventory

21,818

23,677

-7.9%

Months of Supply

5.3

5.8

-8.6%

Days on Market

99

111

-10.8%

New Listings

9,674

9,294

+4.1%


  • 27th straight month of year-over-year inventory decreases.
  • Most new listings in one month since May 2007 (10,671)

Condominium

May 2014

May 2013

%Change

Inventory

5,507

7,017

-21.5%

Months of Supply

3.2

4.3

-25.6%

Days on Market

78

86

-9.3%

New Listings

2,981

3,095

-3.7%


  • 42nd straight month of year-over-year inventory decreases
  • 5th straight month of new listings going down compared to same time year before.

“With new listings up significantly in May, overall inventory has the potential to move in a positive direction in the months ahead,” said Ruffini. “There is no question the market needs more homes for sale to prevent prices from spiking too high and adversely impacting the real estate recovery.”

About the Massachusetts Association of REALTORS®:
Organized in 1924, the Massachusetts Association of REALTORS® is a professional trade organization with more than 20,000+ members.  The term REALTOR® is registered as the exclusive designation of members of the National Association of REALTORS® who subscribe to a strict code of ethics and enjoy continuing education programs.

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Editors and reporters: Please note that the term Realtor is properly spelled with an initial capital “R”, per the Associated Press Stylebook.