First Half Home Sales Down 19%
Massachusetts home sales in the first half of the year sunk to their lowest level in nearly 20 years, according to Boston-based real estate tracker The Warren Group.
Single-family home sales dropped by 19.1 percent between January and June compared to the same period a year ago. In the first half of 2007, 22,851 homes were sold in Massachusetts. In the first half of this year, 18,487 homes were sold. The Warren Group said that was the fewest number of home sales in the first half of the year since 1991.
The median price of single family homes dropped by 9.2 percent during the first half, from $347,000 in 2007 to $315,000 this year. June home sales were down 14.9 percent. The Warren Group said 4,663 homes were sold in the state in June compared to 5,479 a year ago. June's median home sale price fell 8.6 percent from $360,000 in 2007 to $329,000 last month.
According to The Warren Group, condo sales slumped even lower than single family sales in June. Condo prices haven't dropped as dramatically as single family home prices, but sales came to a near standstill last month and were down 23.3 percent compared to the same month a year ago.
The Massachusetts Association of Realtors, which only takes into account transactions that involve Realtors, reported only slightly more favorable numbers for June and the first half. The association said June home and condominium sales were down 14.9 and 20.3 percent respectively. In the second quarter, home sales were down 13.7 percent and condo sales were down 23.6 percent, the association said.
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