Mass. Home Prices Fall, Sales Remain Flat
Home sales in Massachusetts last month were mostly flat compared to a year ago, and prices were down slightly, according to figures released Tuesday morning.
The Massachusetts Association of Realtors and the real estate publisher The Warren Group said the median price for a single family home was between $302,000 and $315,000 in August — down 3 to 6 percent from 2008. The Warren Group’s Vincent Valvo said market activity has and will continue to taper off.
“The $8,000 tax credit spurred people into the market in the springtime,” Valvo said. “It took them a little time to close their deals. We’re seeing a little of that left over into August, but very likely we’re seeing the end of that stimulus as we head into the fall.”
Valvo said unemployment, mortgage delinquencies and foreclosures remain a challenge to a quick recovery in the housing market.