Sales Of Single-Family Homes Down In August

Sales of single-family homes in Massachusetts fell by almost 7 percent in August when compared to a year ago, but median prices continued to climb.

The Waltham-based Massachusetts Association of Realtors reports Tuesday that it was the seventh consecutive month of year-over-year sales decreases.

The Realtors reported that median prices rose 1.4 percent to $350,000, the 23rd consecutive month of increases.

The Boston-based Warren Group reported a 2 percent median price increase.

The organizations use slightly different methods in their calculations.

Realtors President Peter Ruffini says the market is favorable for sellers because supply remains low and new listings dipped in August.

Warren Group CEO Timothy Warren Jr. says a discrepancy between the increase in pending sales and closed transactions could be because of tough mortgage underwriting standards or cold feet.

In an interview with WBUR, he also cited low inventory.

"That's what we keep hearing from realtors, that they need more homes to sell," he said, "and we hear also from potential buyers who are out looking for homes, that there just isn't enough choices to be made."

With reporting by The Associated Press and the WBUR Newsroom