Homes Added to the Market in July Up for the Third Straight Month

by Eric Berman | Aug 26, 2014

Median home prices continued their upward trend as home sales down

July 2014 Data Report - Executive Summary

Link to MAR President Housing Market Podcast

WALTHAM, Mass. – August 26, 2014 – Home sellers are taking advantage of increasing prices by putting more homes on the market in July compared to this time last year according data released today by the Massachusetts Association of REALTORS® (MAR).  July home prices continued their year-long upward climb as sales were down again from the same time last year.

July Closed Sales: 

Single-Family

July2014

July 2013

%Change

Sales

5,409

5,772

-6.3%

Median Price

$360,000

$350,000

+2.9%

 

  • 6th straight month of single-family (SF) year-over-year sales decreases
  • 22nd straight month of SF median price increases
  • 2nd highest SF median price since July 2007 ($365,000)

     


    Condominium

    July 2014

    July 2013

    %Change

    Sales

    2,127

    2,315

    -8.1%

    Median Price

    $320,000

    $312,000

    +2.6%

  • 4th straight month of condominium (CC) year-over-year sales decreases
  • 14th straight month of median price increases

    “For the third straight month we’ve seen the number of new listings added to the market go up and that is a positive trend,” said 2014 MAR President Peter Ruffini, regional vice president at Jack Conway & Co., in Norwell. “This is the type of activity we need to bring our overall inventory up and keep prices from escalating to a point where it pushes buyers out of the market.”

    Inventory and Days on Market:

    Single-Family

    July 2014

    July 2013

    %Change

    Inventory

    23,117

    24,343

    -5.0%

    Months of Supply

    5.6

    5.9

    -5.1%

    Days on Market

    81

    74

    +9.5%

    New Listings

    7,057

    6,559

    +7.6%

     
  • 29th straight month of year-over-year inventory decreases
  • Biggest year-over-year increase of new listings since May 2013 (16.9%)

Condominium

July 2014

July 2013

%Change

Inventory

5,430

6,674

-18.6%

Months of Supply

3.2

4.0

-20.0%

Days on Market

68

64

+6.3%

New Listings

2,274

2,171

+4.7%

 
  • 45th straight month of year-over-year inventory decreases
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.