Today, the Massachusetts Association of Realtors (MAR) released their Existing Home Sales Report for July showing that single family homes sales jumped notably increasing 12.7% on a year-over-year basis while condo sales increased 0.9% over the same period.Single family median home value declined 5.1% on a year-over-year basis to $310,000 while condo median prices dropped 3.5% to $310,000.
Though today’s results will likely be touted by MAR and the Boston Globe (… both with significant interest in promoting “good news” for housing) as an indication that the housing market has bottomed, it’s important to note that prices are still declining and that most of the sales action has been on the lower end fueled by the first time homebuyers welfare credit.
Also, in all likelihood we have now reached the typical summer peak in sales and pricing so with confidence still largely depressed, Boston area home prices have nothing left to do but trend down.
Of course, the Massachusetts Association of Realtor president Gary Rogers continues the Realtor praise for the government handouts and trickery:
“Buyers are taking advantage of the $8,000 first-time homebuyer tax credit, low interest rates, and more affordable prices and getting into the market. While it is only one month, the number of homes put under agreement are also up, which means there is a good chance we could see additional months of increased sales ahead.”
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.Today’s Key Statistics:
Single Family results compared to July 2008
Sales: increased 12.7%
Median Selling Price: declined 5.1%
Inventory: declined 17%
Current Months Supply: 6.4
Current Days on Market: 129
Condo results compared to July 2008
Sales: increased 0.9%
Median Selling Price: declined 3.5%
Inventory: declined 19%
Current Months supply: 6.4
Current Days on Market: 133