Mass. August home sales down while median prices continue to go up

We released the August housing numbers today and for the 2nd straight month we saw single-family home sales go down compared to the year before. While sales have gone down, median prices have continued to go up. In fact, this is the 10th straight month of year-over-year increases. The condo market was also down, but the median price for a condo went over $300k for the first time since we’ve been tracking median prices.

On a month-to-month basis, both single-family sales and condo sales were up from July to August.  This is a good sign because this is what generally happens between these two months and we need some normalcy back in the market.

Click the link to read the release and listen to the short podcast from MAR President Kevin Sears. Kevin gives his opinion on why the market is behaving the way it is.

Here are some of the highlights:

  • Single-family home sales were down 18.4% compared to last year.  This is the 2nd straight month of decreases.
  • Single-family median prices were up for the 10th straight month compared to the year before.
  • Condo sales were down 21.2 compared to August of last year.
  • The median price for a condo was $304,700 which was up 9% over last August and the first time condo medians have gone over $300k since MAR has been tracking this data.
  • Single-family inventory has gone up for the 6th straight month.