Sunday, August 20, 2006

2nd Quarter Weakness

According to the Massachusetts Association of Realtors, statewide 2nd Quarter sales (April, May, June) of SFHs fell sales fell 10.6%, and condo sales fell 8.9% year over year. Median price declines were more modest, down 1.3% for SFHs and essentially flat for condos YOY. The Warren Group reported similar numbers, with SFH sales off 11.7%, condo sales off 10.9%, SFH prices off 2.9% and condo prices inching up 0.7% (details here). For a recent historical perspective, here are the MAR reported YOY % changes in median price and sales for the last 8 quarters.

The SFH sales market began to contract in the 2nd Quarter of 2005. This quarter the Condo market joined in the contraction.

Median prices for SFHs and Condos are now clearly at or below year ago levels.

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