Massachusetts single-family home sales dropped to their lowest September level in eight years, extending a monthslong trend while prices continue to rise to new heights, according to a new report.
The Warren Group said Tuesday that there were 4,877 single-family home sales last month, 16.2% less than in September 2021 and the 15th straight month with a year-over-year decline.
Meanwhile, the median sale price for a single-family home in the Bay State hit $550,000 in September, a 7.8% increase over September 2021 and a 16% increase over September 2020, according to the real estate company.
Tim Warren, CEO of The Warren Group, said the change in prices has slowed to a “more moderate pace,” noting that the percent growth has been in the single digits for six months after 2021 saw only three months total with single-digit increases.
“Single-family sales numbers took another hit in September as limited inventory, economic uncertainties, and rising interest rates continued to weigh heavily on prospective buyers,” Warren said. “In fact, this was the fewest number of single-family sales that we’ve seen in the month of September since 2014. The median sale price is showing a slowdown as well.”
The decline in sales was more pronounced for condominiums, where the 1,922 sales recorded in September 2022 was nearly 23% less than September 2021.
The median sales price for a condo rose to $461,500 in September alone, about 3.7% more than the same month a year ago and the highest-ever level for that month, while the year-to-date median price crept close to the half-million dollar mark at $495,000.