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Massachusetts Home Sales Depressed in March

While ""other states"":https://themreport.com/articles/dataquick-california-home-sales-prices-shoot-up-in-march-2013-04-23 spent March gearing up for a busy spring season, Massachusetts saw a decline in sales throughout the month, the Boston-based ""Warren Group"":http://www.thewarrengroup.com/ reported.

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Single-family home sales in the Bay State dropped 3.6 percent to 3,100 in March, down from 3,215 last year. It was the second consecutive monthly decrease in Massachusetts home sales. For the entire quarter, sales totaled 7,849, down 2.1 percent from 8,017 in 2012's first quarter.

""Low inventory is plaguing housing markets all over the country, and Massachusetts is no exception,"" said David Harris, editorial director at the Warren Group. ""With [COLUMN_BREAK]

mortgage rates low and prices competitive, we're hopeful more sellers will emerge and the trend in dropping home sales will reverse.""

Still, the Warren Group pointed out, March home sales were the highest in any month so far this year.

The median price for single-family homes sold in March rose more than 8 percent, reaching $285,000 from $263,000 a year earlier. According to the Warren Group, it was the sixth consecutive month that monthly home prices have increased year-over-year.

The first-quarter median selling price was $282,500, a 10.6 percent increase from $255,500 in the same period in 2012.

""It's clear that the low supply of homes for sale is continuing to pressure prices,"" Harris said. ""And there is definitely concern that such steep price spikes will cause an affordability issue.""

Condominium sales statewide also dropped for the second straight month in March. Condo sales fell more than 2 percent to 1,211, the group reported. A total of 3,083 condo sales were recorded in the first quarter, a near 1 percent increase from 3,057 last year.

The median price for condos sold in March was $261,000, up 1.5 percent year-over-year. The first-quarter median condo price was also up, rising 1.6 percent to $250,000.

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