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Median Gross sales Value for Single-Household Properties Lower by 1.32% to $599,000

FOXBOROUGH, MA – The Massachusetts Affiliation of REALTORS® (MAR) has launched its housing statistics for August 2022. The summer season of 2022 has been difficult for the Massachusetts actual property market as many patrons and sellers have steered away from the market as inflation, rising rates of interest, and fears of recession proceed to be high of thoughts.

MAR knowledge supplied the next key indicators for August:

  • The median gross sales value for single-family houses decreased by 1.32% to $599,000 and the median gross sales value for condominiums fell by 6.15% to $497,400 when in comparison with final month.
  • New listings for single-family houses decreased by 12.06% and 18.68% for condominiums, each in comparison with the earlier month.
  • In comparison with July 2022, closed gross sales elevated 6.68% for single-family houses, and 0.41% for condominiums.

Nationally, housing affordability is at a 33-year low, and existing-home gross sales have continued to melt nationwide, falling 20.9% 12 months over 12 months, in line with the Nationwide Affiliation of REALTORS® (NAR), because the lower in demand causes homebuilders to sluggish building initiatives.

“Whereas inflation continues to be a serious concern for these seeking to enter the market, I’m hopeful that it’ll start to say no,” stated Daybreak Ruffini, 2022 President of MAR and REALTOR® at RE/MAX Connections. “As inflation charges decline, we are going to start to see extra entrants into the market and a shift in a buyer-friendly path.”

For an entire breakdown of statewide housing knowledge, please go to www.marealtor.com/market-data/.

August 2022 Information

August 2022

Closed Gross sales

August 2021

Closed Gross sales

August 2022 Median Value % Change Closed Gross sales (12 months over 12 months) July Closed

Gross sales 2022

Single-Household 5,272 5,863 $599,000 -10.1% 4,942
Condominium 1,937 2,460 $497,400 -21.3% 1,929

The publish Median Sales Price for Single-Family Homes Decrease by 1.32% to $599,000 appeared first on Boston Real Estate Times.