Yesterday, the Massachusetts Association of Realtors (MAR) released their Existing Home Sales Report for October again showing a continued deterioration of the regions residential housing market resulting in a 10.6% annual decline to the median single family selling price.As was noted last month, with October comes continued seasonal deceleration in single family home sales that will generally continue slumping through the Fall before reaching a low in seasonal sales next February.
With this drop-off will come additional pricing pressure as sellers compete for the scanty remains of the 2008 selling season.
Although October showed a much heralded second monthly 6.6% year-over-year increase of single family home sales, it’s important to remember that many sales in September and October were put under contract prior to the epic economic meltdown that transpired throughout September, October and November leaving consumer sentiment at all time lows.
MAR reports that in October, single family home sales increased 6.6% as compared to October 2007 with a 11.0% decline in inventory translating to 9.8 months of supply and a median selling price decline of 10.6% while condo sales dropped 1.0% with a 18.0% decline in inventory translating to 10.2 months of supply and a median selling price decrease of 10.7%.
As in months past, be on the lookout for the inflation adjusted charts produced by BostonBubble.com for an even more accurate "real" view of the current home price movement.October’s key MAR statistics:
- Single family sales increased 6.6% as compared to October 2007
- Single family median selling price decreased 10.6% as compared to October 2007
- Condo sales declined 1.0% as compared to October 2007
- Condo median price declined 10.7% as compared to October 2007
- The number of months supply of single family homes stands at 9.8 months.
- The number of months supply of condos stands at 10.2 months.
- The average “days on market” for single family homes stands at 140 days.
- The average “days on market” for condos stands at 141 days.
