Number of Massachusetts Home Sales in July Down, Prices Continue to Rise
Home sales in Massachusetts dropped 4% in July compared to July of 2013. There were 8,588 homes of all types (single-family, condo, and multi-family) sold last month compared to 8,992 in July last year. Home sale prices in July are up compared to prices last July. While home prices have increased in July compared to last July, we don’t expect this trend to continue as we are seeing a bit of a slow down in the market.
There were 2,236 condos sold in July of this year compared to 2,339 last July, a decrease of 4%. This is the first time this year condo sales have not increased compared to condo sales in the same month in 2013. As you can see from the chart below, average home selling prices have been increasing month by month since the beginning of last year. The average selling price for a home in Massachusetts is now $368,594, an increase of 4% compared to prices last July. Multi-family home prices saw the largest increase: from $352,553 last July to $375,269 July of this year, an increase of almost 6 ½ %. Condo prices rose 6% from $278,028 to $295,497 and single-family home prices rose 3% from $403,119 last July to $413,538 this July.
In Southern New Hampshire (Cheshire, Hillsborough, and Rockingham Counties), however, home sales stayed flat and prices were down. In these counties there were 1,252 total home sales, compared to 1,250 last July. Average selling prices in July for all types of homes were down 5% in Southern New Hampshire. The average price was $233,559 compared to $247,051 last July. The average prices for multi-family home had the biggest drop: from $237,658 to $204,312 last month, a decrease of 24%.