June 26, 2007
The continuing saga of the Mass. home market
By Matthew L. Brown
Single-family home sales in May took their biggest hit so far this year, falling 9.1 percent compared to May 2006, according to the Warren Group, publisher of Banker & Tradesman.
That pulled down year-to-date home sales, which dropped by 3 percent, according to the Warren Group.
The Warren Group's numbers differ from those reported by the Massachusetts Association of Realtors, which said there were 3,884 detached single-family homes sold this May, a 7.5 percent decrease from the 4,200 homes sold the same time last year.
On a month-to-month basis there was an increase of 16.7 percent compared 3,328 homes sold in April 2007, the Realtors said.
According to the Warren Group, there were 4,765 single-family home sales in Massachusetts last month, compared to 5,242 in May 2006, a difference of 9.1 percent. Home sales started off the year with a healthy increase of more than 5 percent in January, but have fallen every month since, according to the Warren Group.
The group said May's decline is the largest since November 2006, when sales dropped 13.5 percent compared to year-before numbers.
Year-to-date sales fell 3 percent from 20,041 during the first five months of 2006 to 19,445 this year, according to the Warren Group.
The median price of single-family homes also declined in May, falling 4.6 percent from $330,000 last year to $315,000 this year. The year-to-date median price dropped 3.7 percent from $325,000 to $313,000, according to the Warren Group.
According to the Realtors, the median selling price of a single-family home this May was $355,000, a slight 0.7 percent increase compared to $352,700 in May 2006. Compared to April of 2007, median selling prices were up 2.9 percent.
That pulled down year-to-date home sales, which dropped by 3 percent, according to the Warren Group.
The Warren Group's numbers differ from those reported by the Massachusetts Association of Realtors, which said there were 3,884 detached single-family homes sold this May, a 7.5 percent decrease from the 4,200 homes sold the same time last year.
On a month-to-month basis there was an increase of 16.7 percent compared 3,328 homes sold in April 2007, the Realtors said.
According to the Warren Group, there were 4,765 single-family home sales in Massachusetts last month, compared to 5,242 in May 2006, a difference of 9.1 percent. Home sales started off the year with a healthy increase of more than 5 percent in January, but have fallen every month since, according to the Warren Group.
The group said May's decline is the largest since November 2006, when sales dropped 13.5 percent compared to year-before numbers.
Year-to-date sales fell 3 percent from 20,041 during the first five months of 2006 to 19,445 this year, according to the Warren Group.
The median price of single-family homes also declined in May, falling 4.6 percent from $330,000 last year to $315,000 this year. The year-to-date median price dropped 3.7 percent from $325,000 to $313,000, according to the Warren Group.
According to the Realtors, the median selling price of a single-family home this May was $355,000, a slight 0.7 percent increase compared to $352,700 in May 2006. Compared to April of 2007, median selling prices were up 2.9 percent.
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