Mass. Home Sales down in July

Today we issued the housing sales numbers for July.  And after 12 straight months of year-over-year increases, sales have gone down.  Despite the decreases, median prices and inventory continue to go up.  Click the link to read the full release and hear the podcast from 2010 MAR President Kevin Sears.

Here are the “highlights” from the release:

  • This is the first drop in sales in 12 months and the largest year-over-year decrease since March 2008
  • Median prices for single-family homes have gone up for nine straight months
  • Condo sales are down year-over-year for the first month since August 2009
  • Condo median prices were up 4% in July
  • Inventory has increased for the 5th straight month of increases and the first double-digit increase since Nov. 2006

While the July-to-July drop and the June-to-July drops have been significant, a couple of astute members decided to look at a two-month comparison because of the “borrowing from Peter to pay Paul” impact of the tax credit.  Here’s what they found when you added June 10 + July 10 and compared them to June 09 + July 09:

Single-family sales
2009
June        July        Total
4,147       4,463       8,610

2010
June        July        Total
5,179       3,212       8,391

% change -2.5%

The National Association of REALTORS(R) also released the national housing numbers today.  You can read the NAR release here.