BOSTON (AP) — Sales of single-family homes in Massachusetts declined last month when compared to May 2014, a drop that one organization that tracks the market attributes to low inventory.
The Waltham-based Massachusetts Association of Realtors on Tuesday reported a decline in sales of more than 5 percent year over year.
The Boston-based Warren Group reported a less dramatic sales drop of 2.6 percent.
Realtors president Corinne Fitzgerald said “low inventory has once again pushed closed home sales down in May.”
Median prices dropped for the first time in eight month according to the Realtors, to $341,000.
The Warren Group said median prices in May were unchanged from May 2014.
“Most of these May closings went under agreement at the start of the spring selling season in March,” said Timothy M. Warren Jr., CEO of The Warren Group. “We won’t see the peak sales numbers until the middle of summer in July.”
Both groups anticipated a stronger summer.
Both organizations reported that condominium sales were down, but median prices for condos were up.
