Home sales in 2016 up overall; flat in December
Courtesy of the Massachusetts Association of Realtors
The Massachusetts Association of Realtors on Tuesday reported flat home sales in December but overall gains in 2016.
Single-family home sales in Massachusetts increased 8.5 percent in 2016 while December home sales were essentially flat, the Massachusetts Association of Realtors (MAR) said Tuesday.
There were 57,599 homes sold in the Bay State last year, up from from 53,104 in 2015, according to MAR. The median sale price of a single family home grew 2.9 percent to $355,000 over the same period.
December was the only month in 2016 when home sales did not increase. Instead, they declined slightly by .5 percent, as inventory remained very low, MAR President Paul Yorkis said in a statement. Inventory of both single-family homes and condominiums declined sharply from December 2015 to December 2016, at rates of 35.5 percent and 31.3 percent, respectively.
“What we don’t know is how increasing interest rates, a new Congress and new president will impact the market going forward,” Yorkis said.
Condo sales also declined year-over-year in December, by 2.5 percent, as the median sale price increased 4.6 percent to $338,500.
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