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Further, the single family median home value declined a whopping 8.7% on a year-over-year basis to $314,900 while condo median prices remained unchanged at $275,000.
It’s also important to note that the April single family home sales count was the lowest April count on record since 1993 and at 2803 units sold was 30.72% below the record April peak set in April 2004.
The following charts (click for larger) show the decline in single family home sales since 2005.
Notice that April 2008 is registering a home sales count well below even the 2007 level as well as indicating that the May’s results will likely be well below 4000 units, a significant decline.
Stay tuned as next week the S&P/Case-Shiller home price index results will be available for Boston likely showing the most significant decline in the last 12 months.