“Buyers finally took a break for the first time since May 2015,” says MAR President Annie Blatz, branch executive at Kinlin Grover Real Estate in Brewster, MA. “So much of this year's activity came early when the market typically is slow. We also know some buyers are getting priced out of the market, and the only way we can fix this is with more inventory.”

Single-family detached home sales dropped on an annual basis for the first time in 13 months as 1,596 units were sold in Greater Boston last month, a 16.1% decrease from the all-time record high sales total of 1,903 homes sold last year. Although lower than last year, sales in July 2016 in Greater Boston were the fifth highest sales total for July, GBAR says. The condo market experienced a 17.4% decline in sales from 1,377 in July 2015 to 1,137 last month and marked the seventh highest sales total for the month of July for condominiums.

“Limited inventory and easing of demand from record numbers a year ago has led to this decline, however sales figures remain well above average for the month of July,” says GBAR president Andrew Sarno, a broker associate with RE/MAX Andrew Realty Services in Medford, MA “Last year's record-high was slightly inflated by the slow spring market and we are pleased with the continued activity and consumer confidence we've experienced this summer.”

He describes current sales activity as “exceptional,” but adds that with median price increases, some entry-level buyers are being priced out of the market.

The single-family median sales price in Greater Boston rose 4.5% from $550,000 in July 2015 to $575,000 last month. This represented the 22^nd consecutive month of higher single-family median sales prices. Likewise, the condo market median sales price increased 7.6% to $495,000, up from $460,000 in July 2015. Both the single-family and condominium sale price for July 2016 were records for the month of July for Greater Boston.

Low for-sale inventory levels continue to put a drag on the sales market, Realtors contend. Statewide, the inventory for single-family homes was 17,650 at the end of July, down 29.2% from a year earlier. Condominium inventory in Massachusetts (2,093) at the end of July fell 18.1% from July 2015 levels.

The news wasn't much better for Greater Boston. GBAR states the single-family home inventory dropped 23.1% from 3,706 homes for sale in July 2015 to 2,850 last month. The condo market inventory took a 23% hit with 1,457 condos on the market last month compared to 1,893 in July 2015. The Realtor association blames low inventory for the pending sales decline in Greater Boston of 6.6% in the single-family market from 1,282 to 1,198 and a 6% drop in condo pending sales from 964 in July 2015 to 906 last month.

Massachusetts

BOSTON—Home sales in Greater Boston as well as the Commonwealth of Massachusetts as a whole were robust last month, but were down sharply from record sales activity posted in July 2015.

The Greater Boston Association of Realtors and the Massachusetts Association of Realtors issued separate sales reports for the month of July that pointed to lower home sales volume and for-sale inventory and modest increases in the median price for a home, both in Greater Boston and statewide.

Home sales activity in Massachusetts mirrored national home sales in July. The National Association of Realtors reports that while sales exceeded expectations last month, they fell short of last year's robust sales levels.

The Massachusetts Association of Realtors reports that home sales in July fell statewide for the first time in 14 months. Prices rose for the fifth month in a row as for-sale inventory continues to fall. Closed single-family home sales in July 2016 totaled 5,799, down 14% from the same period in 2015. Condominium sales last month totaled 2,093 in Massachusetts, an 18.1% decline from July 2015. The median price for a single-family home rose 3.5% to $376,750 last month, while the condominium median price ratcheted up 5.9% to $360,000.

“Buyers finally took a break for the first time since May 2015,” says MAR President Annie Blatz, branch executive at Kinlin Grover Real Estate in Brewster, MA. “So much of this year's activity came early when the market typically is slow. We also know some buyers are getting priced out of the market, and the only way we can fix this is with more inventory.”

Single-family detached home sales dropped on an annual basis for the first time in 13 months as 1,596 units were sold in Greater Boston last month, a 16.1% decrease from the all-time record high sales total of 1,903 homes sold last year. Although lower than last year, sales in July 2016 in Greater Boston were the fifth highest sales total for July, GBAR says. The condo market experienced a 17.4% decline in sales from 1,377 in July 2015 to 1,137 last month and marked the seventh highest sales total for the month of July for condominiums.

“Limited inventory and easing of demand from record numbers a year ago has led to this decline, however sales figures remain well above average for the month of July,” says GBAR president Andrew Sarno, a broker associate with RE/MAX Andrew Realty Services in Medford, MA “Last year's record-high was slightly inflated by the slow spring market and we are pleased with the continued activity and consumer confidence we've experienced this summer.”

He describes current sales activity as “exceptional,” but adds that with median price increases, some entry-level buyers are being priced out of the market.

The single-family median sales price in Greater Boston rose 4.5% from $550,000 in July 2015 to $575,000 last month. This represented the 22^nd consecutive month of higher single-family median sales prices. Likewise, the condo market median sales price increased 7.6% to $495,000, up from $460,000 in July 2015. Both the single-family and condominium sale price for July 2016 were records for the month of July for Greater Boston.

Low for-sale inventory levels continue to put a drag on the sales market, Realtors contend. Statewide, the inventory for single-family homes was 17,650 at the end of July, down 29.2% from a year earlier. Condominium inventory in Massachusetts (2,093) at the end of July fell 18.1% from July 2015 levels.

The news wasn't much better for Greater Boston. GBAR states the single-family home inventory dropped 23.1% from 3,706 homes for sale in July 2015 to 2,850 last month. The condo market inventory took a 23% hit with 1,457 condos on the market last month compared to 1,893 in July 2015. The Realtor association blames low inventory for the pending sales decline in Greater Boston of 6.6% in the single-family market from 1,282 to 1,198 and a 6% drop in condo pending sales from 964 in July 2015 to 906 last month.