May home prices have gone up as sales went down for the fourth straight month

Buyer demand remained strong this May, pushing prices up and home sales down for the fourth straight month. (see graphs below – click on them to enlarge) This has been on ongoing trend, as the median selling price for single-family home increased year-over-year for the 20th straight month. The condominium market had similar results with prices up and sales down.

According to data from the Case-Shiller Home Price Indices, a measure of U.S. home prices, Boston was the only city out of 20 to see its annual rate improve.

Links:

-May 2014 Closed Sales Release

-Direct link to podcast with MAR President Peter Ruffini

Click arrow below to listen to the podcast:

Highlights from the release:

  • May single-family home sales – Down 9.9% over last year. (4,300 sales in 2014 from 4,772 sales in May 2013)
  • May single-family median prices were UP 7.0% to $347,900. Twenty straight months of increases.
  • May condo sales down 1.1% and median prices UP 9.0% ($316,000)
  • Inventory in May down 7.9% to 21,818 and condominiums available down 21.5% to 5,507
  • SF listings added to the market in May UP 4.1% over last year. (9,674 from 9,294 in 2013)
  • Condo listings added to the market down 3.7% over last year. (2,981 from 3,095 in 2013)

April 2014 SF chart

April 2014 CC chart