A shortage of homes on the market was one reason why single-family home sales posted a nearly 6 percent decline from February 2013, said the association, which added that 2,084 detached single-family homes sold this February.
The median selling price for single-family home in February was $294,950, up 7.3 percent on a year-to-year comparison basis. By the association’s calculations, this was the 17th straight monthly year-over-year increase.
“Even with the continued increase in home values, sellers are taking longer than normal to enter the market so far in 2014,” association president Peter Ruffini said in a statement. “The winter weather hasn’t deterred buyers, but the lack of homes for sale over the past several months resulted in a drop in closed sales in February.”
As of Feb. 28, the number of Massachusetts single-family homes for sale was down 18.9 percent from February 2013, the association said.
As for Bay State condominiums, there were 903 condos sold last month, up 1 percent from the number sold the previous February. The median selling price for a condo was $283,000, an increase of 9.1 percent from a year ago.
The inventory of condominiums on the market in February was down 27 percent compared to the year before, the association said.