'Single-family homes in Massachusetts have never been less affordable,' Cassidy Norton, associate publisher and media relations director at the real estate data firm The Warren Group said.
A dilemma of unaffordability that accelerated as the pandemic hit in 2020 has led to housing insecurity for many Bay Staters and puts a damper on the state's efforts to compete against lower-cost spots like Florida, Texas and North Carolina for increasingly mobile residents and workersEager to secure something from the chronically limited and shrinking inventory of homes for sale in Massachusetts, buyers continued last month to set all-time records for sale prices and have helped push the...
A dilemma of unaffordability that accelerated as the pandemic hit in 2020 has led to housing insecurity for many Bay Staters and puts a damper on the state's efforts to compete against lower-cost spots like Florida, Texas and North Carolina for increasingly mobile residents and workers. Gov. Maura Healey took office in January promising to tackle the"barriers that are holding back our people and our state," like the"out of control" cost of housing.
The Warren Group's report on June sales activity showed that sales of both single-family homes and condominiums declined year-over-year in June, down more than 20% and more than 14%, respectively. And with intense competition for the relatively scarce inventory of homes and condos for sale, median sale prices reached new all-time highs last month.
Inside I-495, there were 3,331 single-family home sales in June, a 23.3% decrease from June 2022's 3,331 sales. The Greater Boston median single-family home sale price was up 2% on a year-over-year basis to $765,000. The number of Greater Boston single-family home sales is down 25.4% so far this year while the median sale price has remained at $700,000, The Warren Group said.
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