Prices up, sales and inventory down in state housing market

Prices up, sales and inventory down in state housing market

Massachusetts experienced a 2 percent dip in single-family home sales in November, the first drop since April, The Warren Group announced on Monday. Meanwhile, condominium sales increased in November, up 7 percent from a year earlier, and overall the housing market has been on an upswing this year, with year-to-date sales up 6 percent over 2012.

“This has been a banner year in local real estate, but one with a focus on rising prices. The sales volume growth has been more restrained and now we see a modest decline,” Warren Group CEO Timothy Warren Jr. said in a statement. “We’re seeing the same thing in Massachusetts that the rest of the country is experiencing: a slight slowdown in home sales, driven by increasing interest rates and tight supply.”

The prices of both condominiums and single-family homes rose in November, up 7 percent and 4 percent, respectively. “While fewer homes for sale do drive up prices, it also means there are fewer homes sold,” said Massachusetts Association of Realtors President Kimberly Allard-Moccia, in a statement. “We’re at a point where we really need homeowners who have been thinking of selling to make the decision to do it.”

MAR group reported sales of detached single-family homes were down 8.9 percent in November 2013 from November 2012. The inventory of single-family homes as of Nov. 30, 2013, was down 20.6 percent from the same time a year earlier, MAR reported.