Report: housing market looks to stabilize
In a report released today by the Massachusetts Association of Realtors (MAR), current trends indicate that the market may be correcting itself, thanks to competitive mortgage rates and the pending winter season when home availability typically drops.
Despite a steady decline in sales of single-family homes and condos for the seventh consecutive month, the availability of single-family homes decreased six percent on a month-to-month basis from September to October, representing 60,150 homes available in October versus 63,956 in the previous month.
The MAR report also shows that while a cooling market still exists, the median home price has maintained greater consistency in recent months, dropping only 2 percent between October of 2005 and this year. The median selling price remained unchanged on a month-to-month basis between September and October of '06.
MAR points to the combination of mortgage rates being at their lowest level since February and average home prices falling 10 percent from the summer of '05 as key ingredients for creating an affordable market for homebuyers. Says David Wluka, president of MAR: "For anyone attempting to time the market, this wouldn't be a bad time to jump in before mortgage rates start inching up or supply levels begin to drop."
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