Home Sales, Prices Tumble In Q1
Single family home prices plunged by 18.2 percent during the first quarter, their largest quarterly decrease since Boston-based real estate tracker The Warren Group began monitoring prices in 1987.
The median price for single family homes sold during the first quarter was $253,500 compared to $310,000 in the first quarter of 2008. In March, the median price was $255,000, 16.1 percent below the $304,000 median price for the same month a year ago.
The Warren Group said that while falling prices could encourage home sales, the state's residential real estate market has not hit bottom yet. The group said sales must improve for three or four consecutive quarters before prices level off.
Sales of single family homes fell 11 percent to 6,160 during the first quarter compared to 6,912 the prior year.
Median condo prices fell by 16.9 percent to $220,100 compared to $264,900 in the first quarter of 2008.
In a similar report, the Massachusetts Association of Realtors said single family home sales were down 9.3 percent and condo sales were down nearly 21 percent during the quarter.
The association, which includes only transactions that involve real estate agents in its calculations, said the median price for single family homes in the first quarter was $256,000 compared to $315,000 a year ago.
WBJ Web Partners
Most Recent
Most Recent
0 Comments