Mass. housing sales were "disappointing" in April

(File photo: David Zalubowski/AP)

Single-family home sales in Massachusetts fell to their lowest level for the month of April since 1990, and the median price for homes sold in April dropped 13.1 percent to $265,000 from $305,000 last year, according to a report issued today by the Warren Group.

"Median home prices have been falling by double-digit percentages for eight consecutive months, but April delivered the smallest price decline in that eight-month period," said the Warren Group, a Boston firm that tracks real estate data and publishes Banker & Tradesman.

On a volume basis, the number of homes sold last month retreated 14.5 percent to 2,731 from 3,196 in April 2008, the firm said.

“April turned out to be a disappointing month for sales volume of both single-family homes and condos," Timothy M. Warren, Jr., chief executive of the Warren Group, said in a statement. "We were expecting that the combination of low mortgage interest rates, a first-time homebuyer tax credit, and low home prices would stimulate sales. Consumers are dealing with job losses, pay cuts, and heavy debt, and it appears that it is affecting their home-buying decisions.”

April condo sales in Massachusetts dropped 31.1 percent to 1,178 from 1,711 last April, the slowest condo sales pace for the month of April since 1995, said the Warren Group, adding that the median price for condos sold in April dropped 11.1 percent to $239,900 from $270,000 a year ago.

The Massachusetts Association of Realtors also issued its monthly report today on local housing activity. The association uses a different method to track sales than the Warren Group does.

The volume of single-family homes sold last month fell 13 percent to 2,448, but that volume was up 9.6 percent from March 2009, the association said.

The median price of a detached single-family home in April was $275,000, down 12.5 percent from April 2008 and up 7.8 percent from March 2009, the association said.

The number of Massachusetts condos sold in April was 916, down 28.8 percent from 1,286 in April 2008 and up 4.4 percent from March 2009, the association said.

The median condo selling price was $236,000 in April, down 14.2 percent from a year ago and up 5.1 percent from March 2009, the association said.

“On a year-over-year basis, median prices are still feeling the weight of the market correction that has been taking place over the past 20 months,” Gary Rogers, president of the Massachusetts Association of Realtors, said in a statement. “However, it is encouraging to see month-to-month median prices going up, as it is reflective of the increased activity Realtors are seeing today as buyers are looking to get back into the market.”
(By Chris Reidy, Globe staff)