Industry News

Demand for Massachusetts homes hits 10-year low

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Sales of single-family homes and condominiums declined in Massachusetts for a sixth consecutive month in September compared to their year-ago levels, even as lower home prices and a drop in mortgage rates boosted affordability, according to data released by the Massachusetts Association of Realtors. The slower sales pace reflects consumer cautiousness and softening demand following two years of record home sales across the state, and has led to a steady rise in the inventory of unsold homes and listing time for homes and condos in the past year, MAR reported. In the detached single-family home market, sales fell 23.9 percent, from 4,516 homes sold in September 2005 to 3,435 this September. Last month's sales total is the lowest September home sales volume in a decade, dating back to September 1996 when 3,388 homes were sold. Additionally, condo sales decreased 27.8 percent in the past year, declining from a September record of 2,140 units sold last year to 1,546 this September....