Massachusetts Association
of REALTORS Reports
T
HE MASSACHUSETTS ASSOCIATION of REALTORS
(M A R) has released its housing statistics for July 2023.
Although the spring and summer showed promising results,
July saw a drop in closed sales compared to the month prior.
MAR DATA PROVIDED THE FOLLOWING KEY
INDICATORS FOR JULY:
> The median sales price for single-family homes increased by 5.8%
from July 2022 to $640,000 and a 7.4% increase for condominiums
to $569,000.
> New listings decreased by 26.7% for single-family homes and
17.6% for condominiums, year over year.
> Compared to July 2022, closed sales decreased by 23.6% for
single-family homes and 15.2% for condominiums.
After a four-month streak of improved closed sales, July saw a
dip in this category, as well as a second consecutive decline in new
listings. At the height of the summer, inventory continues to be a
roadblock in the market's return to pre-pandemic levels. July did
mark a reduction in the median sales price, but the market remains
too competitive for most buyers.
"While we generally see a hot real estate market in the summer,
inventory continues to hold it back from achieving any year-over-
year growth," said Theresa Hatton, MAR CEO. "With the competitive
buying market we are seeing, many potential sellers are refraining
from listing their homes due to the attractive existing mortgage rates
they have combined with the stress of entering the buyers' market
after their current home sells."
n
For a complete breakdown of statewide housing data, please visit
marealtor.com/market-data.
July Housing Statistics
The competitive market continues to impact home sales at the height of the summer�
