Mass. home sales still dropping
Sales of single-family homes and condominiums declined in Massachusetts for a sixth consecutive month in September compared to the same period a year ago, according to the Waltham-based Massachusetts Association of Realtors (www.marealtor.com).
The decline continued despite the fact that housing affordability improved last month due to lower home prices and a drop in mortgage rates, MAR noted. Sales of single-family homes fell 23.9 percent, from 4,516 homes sold in September 2005 to 3,435 this September -- the lowest September home sales volume in a decade. Condo sales decreased 27.8 percent in the past year, declining from a September record of 2,140 units sold last year to 1,546 this September. The September 2006 condo sales volume is the third highest on record for any September in state history, topped only by the 2,140 sold last year and the 1,750 sold in September 2004.
Residential listings are at their fifth highest level on record, having increased 14 percent over the past year from 56,016 homes and condos for sale in September 2005 to 63,956 homes and condos on the market this past September. The listing time for single-family homes has increased from an average of 85 days on the market last September to 124 days for homes sold in September 2006.
For condos, the average market time rose a full month and a half, from 74 days on the market in September 2005 to 119 days for units put under agreement this September. The statewide median selling price for single-family homes has declined 5.3 percent in the past 12 months, from $359,900 in September 2005 to $341,000 last month, and is now 9 percent below its peak of $375,000 set from July-August 2005.
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