Industry News

Massachusetts real estate sales, prices drop in Q2

Slowing attributed to weak job market, overpricing

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A total of 12,439 detached single-family homes were sold in the second quarter of 2006 in Massachusetts, a 10.6 percent decrease from second-quarter 2005, the Massachusetts Association of Realtors reported, marking the fifth straight quarter that sales have declined from the same quarter in the previous year. The statewide median price of single-family detached homes shrunk for the second straight quarter on a year-over-year basis. Sales of condominiums declined in the second quarter to 6,185 units, an 8.9 percent drop compared to second-quarter 2005 sales. "Although we saw less activity this spring than in the prior two years, the volume of sales remains quite strong," said association president David Wluka of Wluka Real Estate in Sharon, Mass. "Sales may be down, but the market is far from dead." The second quarter was the third-busiest second quarter on record for the state's housing market, the association also noted, surpassed by the 20,708 homes and condominiums sold...