Sales down Slightly as Massachusetts Home Prices Continued to Climb in June

by Eric Berman 781-839-5507 eberman@marealtor.com | Jul 29, 2014
Condominium median price at all-time high

June 2014 Data

June 2014 Housing Market Podcast

WALTHAM, Mass. – July 29, 2014 – The Massachusetts Association of REALTORS® (MAR) reported today that June home prices continued their year-long climb as condominiums hit an all-time high. Sales were down from the same time last year, but new listings to the market is a positive sign.

June Closed Sales:

Single-Family June 2014 June 2013 %Change
Sales 5,528 5,613 -1.5%
Median Price $365,000 $351,000 +4.0%

  • 5th straight month of single-family (SF) year-over-year sales decreases
  • 21st straight month of SF median price increases
  • Highest SF median price since July 2007 ($365,000)
Condominium June 2014 June 2013 %Change
Sales 2,207 2,231 -1.1%
Median Price $330,000 $320,000 +3.1%

  • 3rd straight month of condominium (CC) year-over-year sales decreases
  • 13th straight month of median price increases
  • Highest CC median price since data has been tracked
  • Previous high was $320,500 in August 2013

“Low inventory once again affected the market in June resulting in a lower number of sale and higher prices,” said 2014 MAR President Peter Ruffini, regional vice president at Jack Conway & Co., in Norwell. “However, we’re hopeful that the influx of new properties added to the market in June will help prices to start leveling off, giving more people the opportunity to buy.”

Inventory and Days on Market:

Single-family June 2014 June 2013 %Change
Inventory 22,688 24,378 -6.9%
Months of Supply 5.5 6.0 -8.3%
Days on Market 89 86 +3.5%
New Listings 8,418 7,438 +13.2%

  • 28th straight month of year-over-year inventory decreases
  • Biggest year-over-year increase of new listings since May 2013 (16.9%)
Condominium June 2014 June 2013 %Change
Inventory 5,538 6,922 -20.0%
Months of Supply 3.3 4.2 -21.4%
Days on Market 69 71 -2.8%
New Listings 2,687 2,582 +4.1%

  •  43rd straight month of year-over-year inventory decreases
  • New listings up for the first time in the past six months

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.

###

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