Massachusetts housing market continues its decline in November
The Massachusetts housing market continued its decline in November, with sales of single-family homes and condominiums dropping by double-digit percentages and sales of single-family homes reaching its lowest November tally since 1992, according to a housing report issued today.
The Warren Group, publisher of Banker & Tradesman, said the single-family home median sale price fell 6.5 percent, decreasing to $315,000 in November from $337,000 in November 2005. Last month's median is down more than 13 percent from the $364,000 peak registered in June 2005, and has now dropped in eight of the last nine months.
Condo sales fell by 10.1 percent from November 2005, but the decrease was not as steep as it had been in the previous four months, when sales dropped between 19 and 28 percent. Statewide, the median condo sale price was $269,900, a dip of 1.8 percent.
Last month, 2,222 condos were sold in the state, an amount that is less than comparable months in 2004 and 2005, but that exceeded all other November sales dating back at least to 1987.
"We're still in a decline, but the slope is not as steep as it was in the summer and early fall," said Timothy Warren, Jr., chief executive of The Warren Group. "We're starting to see some signs of stabilization."
The information compiled by the Warren Group, which tracks real estate and financial data throughout New England, includes all sales logged at registries of deeds throughout Massachusetts.
(By Sacha Pfeiffer, Globe staff)
