The median price of a single-family home in Massachusetts rose again year-over-year in September, marking 30 consecutive months of price increases, according to a report from The Warren Group, publisher of Banker & Tradesman. Sales of single-family homes and condominiums declined on a year-over-year basis.

There were 4,942 single-family home sales in Massachusetts last month, an 8.1 percent decrease from September 2017. The median single-family home price increased 4.7 percent to $379,450, up from $362,400 a year earlier. Year-to-date, the median price rose 6.2 percent to $387,500, while sales edged 1.5 percent lower with 44,973 transactions.

“This is the fewest single-family home sales recorded in the month of September since 2014,” Tim Warren, CEO of The Warren Group, said in a statement. “The dynamic between supply and demand continues to play out across Massachusetts. Low inventory in a booming economy translates to lower sale volume and rising prices. These conditions continue to make this a seller’s market.”

Concurrently, there were 4,342 purchase mortgages for single-family homes in September, marking an 8.7 percent decrease on a year-over-year basis. September purchase mortgages totaled $1.62 billion, a 7.2 percent decrease from a year earlier. Year-to-date, single-family homes have accounted for 39,944 purchase mortgages across Massachusetts totaling $15.66 billion.

Condominium sales in September totaled 1,865 transactions, marking a 14.3 percent decrease from a year earlier. Meanwhile, the median condo price dipped 3.8 percent to $328,000 – the lowest price achieved for the month of September since 2015. Year-to-date, condo sales increased 0.6 percent with 18,853 transactions compared to the same period in 2017, while the median price rose 8.4 percent to $369,000.

“September marked the first time this year that the median condo price declined on a year-over-year basis,” Warren said. “But despite the year-over-year decline in September, I full expect 2018 to go down as a record-setting year for that market.”

Condos accounted for 1,363 purchase mortgages last month, a 14.4 percent decrease on a year-over-year basis. September condo purchase mortgages totaled $437 million, a 14.6 percent decrease from September 2017’s $512 million. Year-to-date, condos have accounted for 13,733 purchase mortgages totaling $4.86 billion.

September Marks 30 Months of Increases in Single-Family Median Price

by Banker & Tradesman time to read: 1 min