The median sale price for both single-family homes and condominiums continued their upward climb in June, reaching new highs in the process, according to a new report from The Warren Group, publisher of Banker & Tradesman.
There were 6,523 single-family home sales recorded in Massachusetts last month, a 9.6 percent decrease from June 2018 when there were 7,217 transactions. Meanwhile, the median single-family sale price rose 2.1 percent on a year-over-year basis to $429,000, which marked an all-time high for single-family homes. Year-to-date, there have been 26,226 single-family home sales – a 1.1 percent decrease from the first six months of 2018 – with a median sale price of $395,000 – a 3.9 percent increase on the same basis.
“The lack of supply in the Massachusetts housing market and its impact on prices has never been more evident,” Tim Warren, CEO of The Warren Group, said in a statement. “Last month, I observed that a lack of new listings on the market would continue to add upward pressure to single-family home prices. This appears to have played out and could continue to do so during the remainder of the summer.”
Concurrently, there were 5,918 purchase mortgages for single-family homes in June, marking a 7.8 percent decrease on a year-over-year basis. June purchase mortgages totaled $2.48 billion – a 6.5 percent decrease from a year earlier. Year-to-date, single-family homes have accounted for 23,628 purchase mortgages across Massachusetts totaling $9.47 billion.
There were 2,620 condominiums sales in June, compared to 2,969 sales in June 2018 – an 11.8 percent decrease. Meanwhile, the median sale price spiked 9.1 percent to $420,000 – the highest price ever recorded for condos, and the second consecutive month that the median sale price has exceeded $400,000. Year-to-date, there have been 11,368 condo sales with a median sale price of $380,000.
“The median condo price has now exceeded the $400,000 mark for two straight months,” Warren added. “While this isn’t a total surprise, a $20,000 price hike on a month-over-month basis is truly unprecedented.”
Condos accounted for 1,973 purchase mortgages last month, totaling $798 million. Year-to-date, condos have accounted for 8,851 purchase mortgages totaling $3.21 billion.