Central Mass. home sales stumbled in October

Courtesy American Advisors Group via Flickr

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By Sam Bonacci

Home sales throughout Central Massachusetts slipped in October, following a statewide trend that marked only the second time this year that sales did not grow over the previous year’s numbers, according to The Warren Group.

Sales of single-family homes located in Worcester County fell by 3.8 percent, while Middlesex County saw a 5.3 percent decline. This followed a statewide 4.4 percent decline in sales, with 4,913 single-family homes sold in Massachusetts in October, compared to 5,138 in October 2015. This marks the second time in 2016 when the number of homes sold declined from the same month in the previous year.

Homes that did sell, however, enjoyed a 3.7 percent year-over-year price increase across the state, a 2 percent price increase in Worcester County and a 3.3 percent increase in Middlesex County.

This cooling of the market in the second half of the year is in contrast to a hot housing market in the beginning of the year, according to Timothy Warren, CEO of The Warren Group.

“It is still too early to tell if demand has waned or whether low inventory leaves prospective homebuyers with too few choices. With interest rates expected to rise before year-end, we may see a steady, but not booming market this winter,” Warren said in a statement.

Housing sales are still up year to date for the state (10.8 percent) as well as in Worcester County (13.6 percent) and Middlesex County (5 percent).