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New home sales rise in September; prices drop
Home sales in Massachusetts were up in September, offering some of the first hopeful news in the beleaguered housing market, two recent reports show. Also home prices for the month were lower than the same period last year, the reports show. Bay State numbers in September show single-family home sales jumping 8.5 percent compared to a year earlier. It was the first increase in monthly home sales, year-over-year, in 11 months, according to The Warren Group. Single-family home sales rose to 3,637 in September from 3,352 in September 2007. Despite the increase, year-to-date sales are off by double-digit percentages. A total of 30,983 homes were sold from January through September, 14.3 percent lower than a year earlier when 36,130 homes were sold. In Bristol County, single-family home sales grew by 13.4 percent in September over the same month last year. Plymouth County’s sales rose by 9.6 percent, and Barnstable County’s sales shot up 18 percent, according to The Warren Group report. Also released recently were numbers from the Massachusetts Association of Realtors which showed statewide home sales increasing 5 percent in September compared to the same time last year — the first year-over-year increase in monthly sales in 2008. The association’s data is based on Realtor-affiliated multiple listing services. The statewide median price was $287,500 in September, down 15.6 percent, the Warren Group said. In September, the median price of a single-family home in Bristol County was $250,000, 18 percent lower than the same month last year. Plymouth County’s median price declined by 14.6 percent to $287,000, and Barnstable County’s median price dropped 20.7 percent to $345,000, according to the group. According to the state Realtors association, Massachusetts’ median price for a single-family home in September was $295,000, the first time median prices fell below $300,000 since April 2003. “A gain in the number of single-family home sales in September is certainly encouraging news. Combined with the decline in the median prices it indicates that the market is moving again as homeowners are becoming realistic about pricing,” said Timothy Warren, CEO of The Warren Group, publisher of Banker & Tradesman. “However, significant problems remain for the real estate market and we cannot be sure that the data we saw in September will become a new trend that leads to a recovery of the housing market. Foreclosures, tight mortgage lending standards, job loss and a recession are all going to exert downward pressure on both median prices and the number of sales.” Continued negative trends in September were seen in condominium sales which were down 9.6 percent statewide compared to the same period last year, according to The Warren Group. The Realtors group reported condo sales being off by 6.2 percent last month compared to last year. Monthly condo sales have been declining by double-digit percentages for the last 11 months. Year-to-date condo sales plunged 24 percent to 16,008 from 21,062. Quarterly, sales of single-family homes in Massachusetts were down for the third quarter 2008 to the lowest sales pace for the three-month period since 1991, while the quarterly median home price hit a six-year low, according to The Warren Group. There were 12,476 single-family home sales from July through September, a 6 percent decline from 13,279 during the same months in 2007. The median home price for the third quarter fell 12.4 percent to $311,000 from $355,000 in third quarter 2007 and was the lowest price recorded for a third quarter since 2002. The decline in third-quarter condo sales was steeper than single-family home sales. Condo sales retreated 15.8 percent to 6,169 sales from July through September from 7,329 a year earlier. http://www.southcoasttoday.com/apps/pbcs.dll/article?AID=/20081105/ NEBULLETIN/81029008/1036 |
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