Home Sales Hit Lowest Point In Nearly 20 Years
Despite low mortgage rates, more affordable prices and federal tax credits for first-time buyers, single family home sales fell to their lowest April total since 1990 last month.
April saw just 2,731 single family home sales compared to 3,196 during the same month the prior year, according to Boston-based real estate tracker The Warren Group. The 14.5 percent decrease was worse than the 12 percent decline in sales year-to-date.
The median price for a single family home in April was $265,000, a 13.1 percent decrease from $305,000 in April 2008.
Condo sales plunged by 31.1 percent compared to April 2008, the sector's slowest April since 1995. The median condo price during the month was $239,900.
The Massachusetts Association of Realtors, which includes only transactions that involve Realtors in its statistics, said single family home sales were down 13 percent in April and that the median home price was $275,000.
The MAR reported a decrease in condo sales of 28.8 percent.
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