Sources inside the Massachusetts Association of Realtors (MAR) report that next week’s monthly existing home sales results will show that July’s single family home sales dropped 10% on a year-over-year basis while condo sales slumped 6.7% over the same period.Further, the single family median home value declined a whopping 10.7% on a year-over-year basis to $326,500 while condo median prices declined 2.9% to $284,900.
It’s also important to note that the July single family home sales count was the lowest July count on record since 1995 and at 3928 units sold was 31.75% below the record July peak set in July 2004.
The following charts (click for larger) show the decline in single family home sales since 2005.
Notice that July 2008 registered a home sales count well below even the 2007 level as well as indicating that the Augusts’ results will likely remain roughly at 4000 units, a significant decline.
