Massachusetts home, condo sales continued to decline in November 2022 MABA Massachusetts RealEsate FirstTimeHomeBuyers

 November single-family home sales in Massachusetts continued to decline in November, while the median price was again on the rise, according to a new Warren Group report. On a year over year basis, single-family home sales fell last month, again affected by higher interest rates, low inventory and economic uncertainties. The Warren Group’s November sales report found single-family home sales fell twenty nine point four percent to three thousand eight hundred and six from five thousand three hundred and ninety four a year ago, marking the fewest sales of single-family homes in November since 2014. Warren Group CEO Tim Warren said the drop in sales in November came as no surprise.

 “A tightening inventory, higher interest rates and economic uncertainties have had a big impact on consumer confidence, and real estate activity has taken a hit in recent months,” Warren said. “The more important development is the slowdown in median price hikes. The three point nine percent increase we saw in November was the smallest percent increase on a year over year basis since June 2020.” The median single-family home price grew three point nine percent to fifty three thousand dollars from five hundred and ten thousand dollars a year ago. While it was a new all-time high for the month, according to the report, it was the smallest year-over-year percentage increase since June 2020.

 Since January, forty eight thousand five hundred and four homes sold, down fourteen point five percent from the first eleven months of last year. During the same period, the year to date median single-family home price rose seven point eight percent to five hundred and fifty thousand dollars. Meanwhile, condominium sales posted another decline in November, marking the fiftenth month in a row that sales fell on a year over year basis. November condominium sales fell twenty one point eight percent to one thousand six hundred and sixty three from two thousand one hundred and twenty seven a year prior, while the median sale price increased six percent to four hundred and seventy thousand dollars, a new all time high for the month, according to the report.

 “The condo market followed very similar trends to the single-family market in November a massive year-over-year decline in sales paired with a more modest increase in price,” Warren said. “It’s clear that neither market is immune from current economic conditions.”
Since January, there have been twenty two thousand and ninety four condos sold, down twenty one point eight percent from the first eleven months of 2021, with a median sale price that’s up seven point seven percent to four hundred and ninety thousand dollars.

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