Sources inside the Massachusetts Association of Realtors (MAR) report that next week’s monthly existing home sales results will show that Augusts’ single family home sales dropped 14.3% on a year-over-year basis while condo sales slumped a stunning 19.2% over the same period.
Further, the single family median home value declined a whopping 9.0% on a year-over-year basis to $325,000 while condo median prices increased a slight 0.4% to $292,450.
It’s also important to note that the August single family home sales count was the lowest August count on record since 1994 and at 4028 units sold was 26.69% below the record August peak set in August 2001.
The following charts (click for larger) show the decline in single family home sales since 2005.
Notice that August 2008 registered a home sales count well below even the 2007 level as well as indicating that the September’s results will likely be below 3000 units, a significant decline.