Boston Condos for Sale and Apartments for Rent
Massachusetts home prices climb
The rate at which home prices grow is slowing down.
U.S. home prices increased 0.6% from a month before in February, in line with the 0.6% average monthly gain in the roughly eight years leading up to the Covid-19 pandemic, according to a new Redfin analysis.
Before the pandemic, it was normal for prices to grow about half a percent every month, or to increase around 5% or 6% annually, said Daryl Fairweather, the chief economist at Redfin.
“We’re back to that trend, despite these higher mortgage rates,”
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Massachusetts homebuyers continue to be affected by higher prices despite modest signs of improvement, according to the Massachusetts Association of Realtors (MAR) August housing statistics report released Monday.
MAR’s report found that despite slight increases in listings from last year, Massachusetts buyers continued to be impacted by higher prices, along with high mortgage rates and ongoing inventory issues last month.
The report said any hopes for a rebalance of the market are not happening anytime soon.
“As if the continued upward trend of median prices was not enough of a hurdle, mortgage rates hit a two-decade high in August,” said David McCarthy, 2023 president of MAR and Realtor at Keller Williams. “If lack of inventory continues to keep prices high amidst a perfect storm of economic factors, market participation will be difficult to generate.”
Last month, the median sale price for a single-family home in Massachusetts increased 5.9% from August 2022 to $630,000, while new, single-family home listings decreased by 11.7%.
The median condominium price also increased from last year, up 9% to $545,000, while condo listings grew 0.4%.
The report also found that year over year, single-family closed sales fell 23.6% from 2022, while closed condo sales dropped 19.9%.
Updated: Boston Real Estate…