For the first time this year, sales of Massachusetts single-family homes declined in July, posting a 26 percent decrease from July 2009, according to the latest report by The Warren Group, publisher of Banker & Tradesman.
Single-family home sales dropped 26.15 percent in July, reversing a trend of 12 straight months of increases. A total of 3,668 single-family homes sold in July, down from 4,967 a year earlier. This is the fewest number of sales in the month of July since 1990. In the first five months prior to July, sales volume had increased by 10 percent or more.
"It’s disappointing to see such a big drop in sales," said The Warren Group CEO Timothy M. Warren Jr. "It appears the expiration of the homebuyer tax credit hurt sales volume. Buyers aren’t entering the market as aggressively as they were earlier this year. Whether this is a temporary dip due to the rush to qualify for the tax credit, or whether this is a sign of a declining market for the balance of the year is the big question in my mind."
Sales of single-family homes in July were also down from a month earlier, when 5,640 single-family homes sold in the Bay State. Year-to-date sales climbed 15.5 percent to 24,982, up from 21,632 a year ago.
Sales dropped in every county in July except Dukes County, where sales volume increased 12.5 percent from a year ago. Year-to-date sales, however, were up in every county.
Condominium sales also dropped in July, decreasing 32 percent from a year earlier. A total of 1,484 condos sold in July, down from 2,185 a year ago. Year-to-date condo sales were up 16 percent, increasing to 11,210 from 9,651 during the same period last year.
Condo sales were also down from a month earlier, when 2,502 condos sold in Massachusetts.
The median price of single-family homes climbed 3 percent to $315,000 in July, up from $305,000 a year earlier. This is the second straight month of the year that the median price exceeded $300,000. The median price for homes sold January through July was $297,000, up almost 6 percent from $281,000 in the prior year.
The median condo price also crept up in July. The median selling price was $285,000, up 2.7 percent from $277,500 a year earlier. The year-to-date median price of condos in the Bay State is $262,000, up 3.6 percent from $252,000 a year ago.
