We send a hearty congratulations to all of Massachusetts’ loan originators and their teams, from the top LOs featured in this issue of Banker & Tradesman to those just starting their careers. Over the last year or more, they moved – and are still moving – heaven and earth to help an unprecedented wave of hopeful homebuyers open new chapters in their lives 

As the most recent report on home sale prices from Banker & Tradesman publisher The Warren Group shows, the market shows no signs of cooling off. These hard-working loan originators have been critical to helping buyers overcome this major hurdle. 

Indeed, the median single-family sale price spiked 21.1 percent on a year-over-year basis to $508,000 in April, up from $430,000 in April 2020 and up 32.6 percent from April 2019. This is the first time ever that the median single-family home price has surpassed $500,000. 

But even as more people than ever before have been able to afford new homes – Massachusetts saw more single-family and condominium sales combined last year than any year since 2017 and is on track to beat that tally in 2021 – many people are being left behind. 

The statewide median price is so far keeping pace with the median household income in Massachusetts of $85,843, according to the Census Bureau’s most recent estimate, from 2019. But measurements like that do not account for Bay Staters’ debt loads, which hinder their ability to both save for a down payment and keep up with monthly mortgage bills. 

While strong efforts are being made to boost down payment assistance programs for first-time and low- to moderate-income buyers, these programs can’t help them compete with cash buyers or buyers able to put 20 percent or more down. And as home prices accelerate with each passing month, more and more houses and condominiums pass out of their reach. Ultimately, efforts to boost homebuyers’ access to mortgages without addressing other factors just add more demand to this ultra-hot market. 

The only thing that will help address unequal access to housing across class and race lines is more production. It will take years to even out the imbalance, but it’s the only way to truly break this cycle. 

Letters to the editor of 300 words or less may be submitted via email at editorial@thewarrengroup.com with the subject line “Letter to the Editor,” or mailed to the offices of The Warren Group. Submission is not a guarantee of publication.