BOSTON—The continuing decline in for-sale home inventory and the resulting rise in home sale prices have put at least a temporary damper on sales activity in Greater Boston and the rest of Massachusetts for that matter.
The Massachusetts Association of Realtors and the Greater Boston Association of Realtors released reports on October residential sales activity on Tuesday that both chronicled how the lack of inventory has impacted the residential sales market for both single-family homes and condominiums. For sale inventory in Massachusetts has dropped to its lowest level since January 2005.
MAR reports that for the third time this year, home sales activity declined as compared to the same period in 2015. Statewide, single family home sales in October totaled 4,596, down 5.6% from 12 month earlier. The median single-family home price stood at $354,000 statewide last month, an increase of 5.7% from the $335,000 median posted in October 2015. MAR officials note that the single-family median home sale price has been up or flat for 11 out of the last 12 months.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
