Summer ends with Massachusetts Home Prices Up and Sales Down in August

by Eric Berman - 781-839-5507 - eberman@marealtor.com | Sep 23, 2014

August 2014 Data

August Housing Market Podcast


WALTHAM, Mass
. – September 23, 2014 – The Massachusetts Association of REALTORS® (MAR) reported today that August median home prices rose a modest 1.4 percent compared to the same time last year, while sales over that period dropped 6.9 percent. This was the 23rd straight month for price increases and the seventh month showing year over year sales decreases. 

August Closed Sales:

Single-Family

August 2014

August 2013

%Change

Sales

5,258

5,645

-6.9%

Median Price

$350,000

$345,000

+1.4%

  • 7th straight month of single-family (SF) year-over-year sales decreases
  • 23rd straight month of SF median price increases

Condominium

August 2014

August 2013

%Change

Sales

2,037

2,304

-11.6%

Median Price

$325,000

$320,000

+1.4%

  • 5th straight month of condominium (CC) year-over-year sales decreases
  • 15th straight month of median price increases

“From a statewide perspective the market is favorable for sellers as supply remains low and new listings to the market dipped slightly in August,” said 2014 MAR President Peter Ruffini, regional vice president at Jack Conway & Co., in Norwell. “However, some market areas are showing inventory increases with prices leveling off. In both cases, lower interest rates continue to be good news for buyers.”

Inventory and Days on Market:

Single-Family

August 2014

August 2013

%Change

Inventory

23,057

24,670

-6.5%

Months of Supply

5.6

6.0

-6.7%

Days on Market

86

78

+10.3%

New Listings

6,233

6,319

-1.4%

  • 30th straight month of year-over-year inventory decreases 

 

Condominium

August 2014

August 2013

%Change

Inventory

5,209

6,617

-21.3%

Months of Supply

3.1

4.0

-22.5%

Days on Market

72

66

+9.1%

New Listings

1,883

2,189

-14.0%

  • 46th 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.