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Somerville home, condo sales slowing

Posted by Jarret Bencks  September 5, 2013 08:19 AM

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Home and condo sales dropped significantly in July and are down on the year, according to recently released real estate data.

Single-family home sales were down over 30 percent July in Somerville, from 19 sales in July 2012 to 13 this year, according to real estate publisher The Warren Group. 

Year-to-date, home sales are down 17 percent, from 69 through July 2012 to 57 this year.
Condo sales dropped from 62 in July 2012 to 54 this year, and year-to-date sales have fallen from 282 to 226.

But sale prices on both condos and homes are up. The median single-family home has sold for $512,000 this year in Somerville, up from $449,000 last year. The median condo sale price has risen from $386,000 to $400,500.

Town-by-town home sales data can be found here, data on condos can be found here.

Statewide, both single-family home and condo sales have been on a steady incline. A total of 27,600 homes have sold in Massachusetts so far this year, up 3.5 percent from last year. Condo sales have risen 5 percent, from 10,607 to 11,094.

While the numbers look good now, rising mortgage rates could slow the market in the near future, according to David Harris, editorial director of The Warren Group.

"While consumer confidence and strong employment numbers continue to bolster the market, there's concern that higher mortgage rates and increasing home prices could dampen the revitalized market," Harris said in a statement.

Jarret Bencks can be reached at bencks.globe@gmail.com. Follow him on twitter @JarretBencks.

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