Housing sales continue to slump
The number of single family homes sold in Massachusetts fell in May, but two separate studies on the local housing market reported different results on prices.
According to the Warren Group, the publisher of Banker & Tradesman, the median price of a single-family home in Massachusetts was $315,000 in May, down 4.6 percent from a year ago when the median was $330,000.
But a report from the Massachusetts Association of Realtors claimed that single-family home prices "remain strong," as it said that the median price for single family homes rose 0.7 percent from $352,700 in May 2006 to $355,000 in May 2007.
The two groups use different methods to collect and analyze data, and their numbers also differed on condo sales.
The realtors association reported a slight rise in both condo prices and in the number of condo sales while the Warren Group saw declines in both categories.
On one point, there was consensus: The number of single family homes sold in May was lower than in May 2006.
According to the Warren Group, the volume of single-family homes sold in May took its biggest hit so far this year, falling 9.1 percent to 4,765 from 5,242 in May 2006.
In its report, the realtors group said the number of single family homes sold in May was 3,884, down 7.5 percent from 4,200 in May 2006.
As for condos, the realtors group said unit sales rose from 2,169 in May 2006 to 2,173 in May 2007, up 0.2 percent.
The median selling price for a condominium in May was $290,000, up 1.4 percent from $286,000 in May 2006, MAR said.
The Warren Group, in contrast, reported that the number of condos sold in May fell 2.1 percent to 2,981 from a year ago, and the median price for a condo fell 3.5 percent from $285,000 in May 2006 to $275,000 in May 2007.
"The first half of 2007 is seeing an awful lot of ups and downs in the housing market," Timothy Warren Jr., chief executive of the Warren Group, said in a statement.
Warren added, "We're still hoping to see the market steadying by the end of the year, but factors like the rising rate of foreclosure and increasing mortgage rates will certainly have an effect on that."
Doug Azarian, MAR president, said in a statement: "Stable prices and declining supply indicate that there is still a steady demand. In fact, May is the fifth straight month that residential supply levels have gone down."
(By Chris Reidy, Globe staff)
