Yesterday The Warren Group published data for July’s home sales in Massachusetts. The numbers aren’t pretty.
Median home prices increased 8.3% from July 2021–raising the cost of the average single-family house from $540,000 to $585,000 in just one year.
Making matters worse for homebuyers, interest rates have nearly doubled. The average homebuyer in late 2021 saw rates around 3%. Today’s 30-year mortgage rate, according to bankrate.com, is 5.49%.
This has resulted in an 17.4% year-over-year decrease in MA real estate sales.
Similar trends were observed for the state’s condominium market where sale prices are at all-time highs. The average MA condo now costs $521,000–up 10.9% from this time last year.
Consequently, condominium sales have plunged by 13.9% over the past 12 months.