Two housing reports, two different views
The median sales price of a Massachusetts single-family home fell nearly 5 percent in August, the 16th straight month of year-to-year price declines, and the volume of sales fell 1.5 percent, according to the Warren Group.
The Warren Group, a Boston-based provider of local real estate data, said that the August median price for a single family home declined 4.9 percent to $314,000, compared with $330,000 in August 2006; August was the seventh month in 2007 in which prices fell between 4.5 and 5 percent on a year-to-year basis.
The volume of single family homes sold statewide in August was 5,528, down 1.5 percent from 5,614 in August 2006, the Warren Group said.
The Warren Group's look at the monthly housing market was one of two reports that were issued today; a separate report from the Massachusetts Association of Realtors offered a sunnier forecast.
According to the realtors' group, which uses a different methodology to capture data, the median sales price for a single-family home in Massachusetts rose 1.4 percent in August to $357,000 when compared with August 2006.
The number of single family homes sold in August rose 6.6 percent to 4,700, MAR said.
For the Warren Group, Massachusetts condo sales followed a similar pattern to what it saw for single family homes; the median August sale price for a condo dropped 1.1 percent to $273,000 from a year ago, and volume fell 2.2 percent to 3,050 units, the Warren Group said.
As for MAR, it said that August condo sales rose 3.4 percent to 2,235 units on a year-to-year basis, and that the median condo selling price rose 4.8 percent to $291,250.
Timothy Warren Jr., chief executive of the Warren Group, commented on his view of the local housing market in a statement.
"Although sales numbers have fluctuated throughout the first eight months of this year, we're seeing remarkable consistency in price changes," Timothy Warren said. "It seems the market is reaching its natural level for the time being. That trend is likely to continue during the last four months of this year."
Doug Azarian, president of the Massachusetts Association of Realtors, also issued a statement.
"It is definitely a positive sign to see two consecutive months of year-over-year sales gains to end the summer," Azarian said. "Combined with the recent interest rate drop by the Fed and continued legislative action on Capitol Hill, the potential for continued sales growth through the fall is good."
Home buying tends to be seasonal in Massachusetts, with big bursts of activity generally coming in the spring and the fall. Typically, August is not a big month for sales in the Bay State.
(By Chris Reidy, Globe staff)
