Housing shortage hampers buyers, drives up prices MABA MassachusettsRealEstate FirstTimeHomeBuyers MaBuyerAgent

Across the country and the state, the shortage of homes for sale is making it very challenging for buyers, according to the Massachusetts Association of Realtors (MAR) October housing statistics report released Monday. It’s not just the limited number of listings impacting buyers. The low inventory is driving up sale prices. October home sales in the U.S. hit a thirteen year low, while interest rates started to come down, increasing buyer activity.

David McCarthy, president of the Massachusetts Association of Realtors, said several persistent variables have been affecting homeowners’ interest in selling, as well as in prospective buyers’ purchasing power and those variables are reflected by the consistent decreases in housing affordability we’ve seen throughout the year. “Despite these economic pressures and lack of available inventory, buyers are still interested in purchasing a home,” McCarthy said. “As the holiday season begins, the lights and decorations can create a warm and welcoming environment for homebuyers, bringing a sense of hope for both buyers and sellers alike in an unpredictable market.”

Last month, the median sale price for a single-family home in Massachusetts increased twelve point eight percent from October 2022 to $615,000, while new, single-family home listings finally increased, up point eight percent. The median condominium price also increased from last year, up seven point nine percent to $520,000. Condo listings also increased last month, up tow point two percent from a year ago. The report also found that year over year, single-family closed sales fell fifteen point eight percent from 2022, while closed condo sales dropped eight percent. As we enter the holiday season, MAR expects market activity to slow down between now and year’s end.

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