Today, the Massachusetts Association of Realtors (MAR) released their Existing Home Sales Report for June showing that single family homes declined slightly dropping 1.9% on a year-over-year basis while condo sales continued their plunge dropping 17.1% over the same period firmly indicating that the Massachusetts residential real estate market is continuing to erode.Further, the single family median home value declined 8.6% on a year-over-year basis to $306,000 while condo median prices dropped 6.6% to $306,000.
Clearly, the impact of the ongoing economic crisis is bearing down on both consumer sentiment and, more fundamentally, credit availability resulting in a significant pullback in spending on homes and other costly purchases.
With confidence depressed and eroding and sale volumes this low, Boston area home prices have nothing left to do but trend down.
Of course, the Massachusetts Association of Realtor president Gary Rogers continues the Realtor praise for government handouts and optimism for a speedy market recovery based on the newly reported “pending” sales data for MA:
“Based on what we experienced in June, it is quite clear that the $8,000 first-time homebuyer tax credit is helping to move the market in the right direction, … We still have a way to go, especially with continuing concerns about unemployment; but with the number of pending sales up over the same time last year we do have reason to feel optimistic.”
As in months past, be on the lookout for the inflation adjusted charts produced by BostonBubble.com for an even more accurate "real" view of the current home price movement.Today’s Key Statistics:
Single Family results compared to June 2008
- Sales: declined 1.9%
- Median Selling Price: declined 8.6%
- Inventory: declined 16%
- Current Months Supply: 7.2
- Current Days on Market: 135
- Sales: declined 17.1%
- Median Selling Price: declined 6.6%
- Inventory: declined 18%
- Current Months supply: 8.0
- Current Days on Market: 135
