Home prices are climbing across the United States, and the news is the same here in Massachusetts, according to industry reports released Wednesday.
It’s the same old story: Rising prices, low inventory, fewer sales.
The median sales price for single-family homes and condos jumped to new highs for June, according to a report by the Warren Group, a real estate tracking firm and publisher of Banker & Tradesman. The median sales price for single-family homes rose 2.1 percent year over year to $429,000 — a record. “Meanwhile, the median sale price [for condos] spiked 9.1 percent to $420,000 – the highest price ever recorded for condos and the second consecutive month that the median sale price has exceeded $400,000.”
“The median condo price has now exceeded the $400,000 mark for two straight months,” Warren added. “While this isn’t a total surprise, a $20,000 price hike on a month-over-month basis is truly unprecedented.”
A lack of supply is reportedly playing a role. In June, there were 6,523 single-family home sales in Massachusetts, a 9.6 percent decrease, according to the report, while the number of condo sales dropped 11.3 percent.
“The lack of supply in the Massachusetts housing market and its impact on prices has never been more evident,” said Tim Warren, CEO of the Warren Group. “Last month, I observed that a lack of new listings on the market would continue to add upward pressure to single-family home prices. This appears to have played out and could continue to do so during the remainder of the summer.”
In Greater Boston, sales of single-family homes and condos “softened,” according to a report the Greater Boston Association of Realtors released Wednesday. In June, the region saw a 13.8 percent decrease in sales volume of single-family homes and a slight increase (0.4 percent) in the median sales price to $652,555. The condo market experienced an 8.9 percent decline in sales year over year, with a 6.8 percent increase in the median sales price to $579,250.
How did your community fare? The Greater Boston Association of Realtors offers a breakdown for 64 communities:
These communities saw a 1.2 percent increase in the median single-family selling price, from $780,000 in June 2018 to $789,000 in June 2019. Condo prices jumped 23.9 percent, from $307,900 in June 2018 to $381,500. Single-family homes spent an average of 44 days on the market. For condos, it was 43.
These communities saw a 3.6 percent decrease in the median single-family selling price, from $625,000 in June 2018 to $602,500 in June 2019. Condo prices rose 1.1 percent, from $465,000 in June 2018 to $469,900. Single-family homes spent an average of 27 days on the market. For condos, it was 29.
The selling price for single-family homes dropped 5.9 percent, from $795,000 in June 2018 to $748,000 in June 2019. Condo prices were unchanged at $680,000. Condos spent an average of 35 days on the market. For single-family homes, that number was 36.
The median selling price for a single-family home climbed 2.8 percent, from $660,000 in June 2018 to $678,725 in June 2019. Condo prices jumped 11.1 percent, from $382,450 in June 2018 to $425,000. Single-family homes spent an average of 43 days on the market. For condos, that number was 40.
The median selling price for a single-family home here was $498,500 in June 2019, a 3.2 percent decrease from the June 2018 price of $515,000. Condo prices rose slightly, 0.3 percent, from $370,000 in June 2018 to $371,000. Condos and single-family homes spent an average of 36 days on the market.
City of Boston
The median selling price for a single-family home here was $660,000 in June 2019, 2.7 percent less than it was in June 2018 ($678,250). Condo prices rose 1.8 percent, from $687,500 in June 2018 to $700,000. Single-family homes spent an average of 41 days on the market. For condos, it was 36.