Home >> News >> Data >> Inventory, Seasonal Issues Weigh on Bay State Home Sales
Print This Post Print This Post

Inventory, Seasonal Issues Weigh on Bay State Home Sales

Single-family home sales dropped in Massachusetts last month, with inventory and seasonal factors fingered as the culprit.

According to the Warren Group, a real estate information company for New England, Bay State single-family sales totaled 2,078 in February, a 4.1 percent decline compared to the same month a year ago. It marks the eighth February in the last 10 years that sales have slowed.

Warren Group CEO Timothy M. Warren Jr. said the drop “was caused by the same lack of inventory that has plagued the market for months,” though he noted there were some other factors at play.

“These February sales numbers represent closings on homes that went under agreement in December for the most part,” he said. “Cold weather and holidays are certainly factors in making February traditionally the slowest month of the year.”

Also figuring into last month’s slowdown was a 2 percent increase in the median single-family home price, which was up $5,500 to $280,000. The median price of a single-family home in Massachusetts has increased every month since September 2012, according to the Warren Group.

x

Check Also

Home Price Growth in Urban Areas Gaining Steam

The trend of mass exodus from urban areas at the outset of the pandemic seems to be changing gears, as a migration back to major cities is underway and sales are picking up.

Subscribe to MDaily

MReport is here for you to stay on top of important developments in the mortgage marketplace. To begin receiving each day’s top news, market information, and breaking news updates, absolutely free of cost, simply enter your email address below.