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MAR Awards & Recognition Massachusetts Association of REALTORS® Reports Another Dip in Single- Family Closed Sales, Median Sales Price in August Construction continues to fall short of the demand for new inventory T H E M A S S A C H U S E T T S ASSOCIATION of REALTORS® (MAR) reported housing statistics for August 2021. Median sale prices continue to drop, but remain higher than the year's previous data shows. MAR repor ts media n price for single-fa mily homes is up 12.2% and 12.4% for condominiums, when compared to August 2020. MAR data provided the following key indicators for August: > The median price for single-family homes was $552,000, and condominiums at $480,000. While median condo price remains the same as last month, single-family median sales price saw a slight decrease from July 2021, when the median price of single-family homes was $560,000 and from June 2021, when prices hit an all-time high. > New listings for single-family homes were down 8.4% and condos listings decreased 14.7% compared to the same period last year. > Closed sales decreased by 9.7% for single-family homes, compared to July 2020, while closed sales for condominiums took a slight rise of 1.2%. T h e U . S . h o u s i n g m a r k e t i s b e g i n n i n g t o i m p a c t t h e r e n t a l m a r k e t , a s h i g h s a l e s pr ices a nd a n i na dequate supply of ava i lable h ou s i n g h a v e for c e d m a ny f i r s t -t i m e h om e b u y e r s t o r e n t f o r t h e f o r e s e e a b l e f u t u r e . Increa sed dema nd for housing combined w it h a n improv ing economy ha s driven up competi- tion for renta l units; nationa l media n rent ha s increa sed 11 .4% t hus fa r in 2021, according to Apa r tment List . " We a re seeing a steady increa se in dema nd for s t a r t er homes, a nd w it h cha l len ges such a s l a b o r s h o r t a g e s , r i s i n g m a t e r i a l s c o s t s a nd supply-cha i n setba ck s, t he const r uction industr y is unable to keep up, ma ny a re turning to renting a s a solution," sa id Steve Medeiros, 2 0 21 P r e s i d e nt of M A R a n d R E A LT OR® a t K e l ler W i l l i a m s R e a lt y. " For t he f i r s t t i me in about a yea r, we've seen a rise of inventor y a nd a re a lready seeing a n uptick in post-Labor D a y l i s t i n g s . W i t h t h e s e i n d i c a t o r s , w e 'r e optimistic that t he fa l l ma rket w i l l be a busy one a nd become slightly more buyer friendly." n REALTOR® OF THE YEAR T h i s a w a r d i s g i v e n t o t h e R E A LTOR® t hat bes t exem- pl i f ie s pr ofe s sion a l i s m a nd service to the industry, based on volunteerism, civic engagement and outstanding achievements on the local and national levels. RICHARD WAYSTACK LINDA TURCOTTE RONALD RUSIN PAUL YORKIS GOOD NEIGHBOR AWARD T h i s a w a r d r e c o g n i z e s a R E A LT OR ® w h o h a s m a d e a n e x t r a o r d i n a r y i m p a c t on their communit y through volunteer work. MILTON H. SHAW DISTINGUISHED SERVICE AWARD This awa rd is presented to a R E A LTOR® who ha s demon- strated outstanding leadership abilities and volunteered count- les s hou r s t o ser ve on M A R committees and participate in state and local activities. PRIVATE PROPERTY RIGHTS AWARD T h i s a w a r d h o n o r s a R E A LTOR® who h a s s how n conti nuous advocacy ef for t s w i t h t h e i r i n v o l v e m e n t i n g o v e r n m e n t a f f a i r s a n d t h e R E A LT O R ® P o l i t i c a l Action Committee. n 74 | BOSTON.BUILDERARCHITECT.COM Builder+Architect GREATER BOSTON, CAPE COD AND THE ISLANDS