Starter homes in Massachusetts sold at a higher rate than the national average in June, according to a new report from Redfin.
In Boston, the number of starter homes sold in June increased by 4.6 percent, while sales of starter homes across the United States rose 3.9 percent year over year to the highest level in two years. A “starter home” in the Boston area had a median sale price of $512,275, according to Redfin, compared to the nationwide median of $260,000.
“In a market where it’s difficult for most Americans to afford a dream home, many are turning toward starter homes,” Redfin Senior Economist Sheharyar Bokhari said. “They’re typically smaller and more modest, but starter homes remain within reach for some buyers who have been priced out of higher tiers. First-time buyers are especially apt to go for starter homes, as they don’t have equity from a previous home sale to help with their payments.”
Sales of mid-priced homes (35th-65th percentile of the market by sale price) fell 0.9 percent year-over-year nationwide in June, while high-price homes (65th-95th percentile) fell even more, down 3.6 percent. Additionally, pending sales of mid- and high-priced homes fell 0.7 percent and 2.7 percent year-over-year, respectively.
Inventory levels also increased in Boston as well as across the nation. In Boston, active listings increased by 25.3 percent while inventory grew by 19 percent.



