June Single-Family Home Sales Down In Mass.
Two new reports show a sharp drop in sales of single-family homes in Massachusetts in June compared to a year ago.
The Massachusetts Association of Realtors reported June sales dropped nearly 18 percent from the same month in 2010. The independent Warren Group, which uses a slightly different method of calculation, said Tuesday that single-family home sales fell 23.5 percent from a year ago, making it the worst June for the housing market in 20 years.
Analysts pointed out that June 2010 sales were likely inflated because it was the final month that homebuyer tax credits were still in effect. That could result in more favorable year-over-year comparisons in future months.
Both reports pegged the median sales price for a single-family in Massachusetts home last month at $325,850.
"The issue here remains employment and the overall economic picture. You do have some companies that are doing well, but they are not rushing out to hire people," said Banker and Tradesman Editor-In-Chief Vincent Valvo.
Valvo said he expects home sales to rebound slightly in the next few months, but expects a weak housing market through the end of this year.
The WBUR Newsroom and The Associated Press contributed to this report.
This program aired on July 26, 2011. The audio for this program is not available.