BOSTON (AP) — The number of single-family homes sold in Massachusetts fell in April when compared to the year-ago month, but because of a lack of inventory, median prices rose.
The Warren Group reported a nearly 8 percent decline in home sales April to April, while the Massachusetts Association of Realtors reported a 6 percent decline.
Both organizations, however, reported a jump in median prices from April 2014 of 2 to 3 percent. Median prices have risen 21 of the past 23 months, according to the Realtors.
Realtors President Corinne Fitzgerald says “A shortage of homes for sale has forced closed sales down in April.”
Timothy Warren Jr., CEO of The Warren Group, attributed the dip in home sales to the fact that the homes were shopped during the height of the harsh winter in February.
Single-family home sales in Massachusetts fell year-over-year in April by 7.6 percent, according to a new report by The Warren Group, publisher of Banker & Tradesman. This marked the second time sales have decreased in 2015.
Statewide, 3,171 homes sold in April, compared with 3,434 during the same month last year. This marked the lowest number of sales for the month of April since April 2011, when there were 2,932 homes sold. Year-to-date, home sales were down by 1.5 percent with 10,841 homes sold compared with 11,007 sold in the same period last year.
The median price for a single-family home rose by 3.0 percent to $324,500 from $315,000 a year earlier. It was the seventh consecutive month that monthly home prices have increased year-over-year. Year-to-date, prices rose by 3.2 percent to $319,900 compared with $309,900 during the same timeframe of 2014.
“The dip in home sales during the month of April is most likely due to the fact that these homes were shopped during the height of the winter weather in February,” said Timothy M. Warren Jr., CEO of The Warren Group. “Prices, though, continue to rise which tells us that the demand is there and the market is strong. Lack of inventory is the biggest problem.”
Condominium sales decreased statewide by 6.5 percent in April 2015 with 1,491 sales, down from 1,595 in April of last year. A total of 4,709 condo sales transactions were recorded in the first four months of the year, a 6.1 percent decrease from the 5,015 transactions a year earlier.
The median price for condos sold in April was $300,000, down 3.2 percent from $310,000 in April 2014. Year-to-date, condo prices remained unchanged at $299,000.
