Could spring bring good news for Massachusetts first time homebuyers?: Homebuyers Massachusetts Homeownership

 As the spring market approaches, declines in median sales and inventory could mean good things for first time homebuyers, according to a new Massachusetts Association of Realtors report. The market’s busy season is almost here and is expected to bring more inventory, good news considering February didn’t give first time homebuyers much of a chance.

 National Association of REALTORS® Chief Economist Lawrence Yun said a majority of the current and prospective housing supply is at the higher priced end of the market. First time homebuyers looking at properties on the lower end of the market are often out bid due to the shortage of starter homes and high demand. NAR says rising mortgage rates are what’s rushing buyers to make a move in the hopes of locking in rates before they rise again.

 “While we’ve seen a decline in new listings this winter, the busy spring season will undoubtedly bring more inventory and a slowdown in median price, which could open up the market for first time homebuyers,” said Dawn Ruffini, 2022 president of MAR and Realtor at RE/MAX Connections. “Spring is also when new construction starts to come online, supplementing the existing inventory.”

 Last month, the median price for a single family home was up 8.5 percent year over year to five hundred thousand dollars, but down from January’s five hundred twenty thousand dollars. Single family home listings, meanwhile, were down 5.5 percent compared to the previous year. Condominium prices also rose in February, to four hundred forty six thousand seven hundred and fifty dollars, up 4.1 percent from 2021, but dropped from January’s four hundred fifty thousand dollars. Similar to single family home listings, condominium listings fell 6.3 percent compared to last year. The report also found single family closed sales fell 16.3 percent compared to last year, while closed condo sales dropped 15.9 percent.

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