B+A Greater Boston

T HE MASSACHUSETTS ASSOCIATION of REALTORS® (MAR) reported that home sales decreased for the first time in 14 months, after a year of several record highs. Prices pushed up again for the fifth month in a row as inventory continues to slide. Condominium sales also closed lower with median prices up from 2015. JULY CLOSED SALES Single-family July 2016 July 2015 %Change Sales 5,799 6,745 -14.0% Median Price $376,750 $364,000 +3.5% Closed sales are down for the first time in 14 months. Median prices have been up for 15 of the last 16 months. Condominium July 2016 July 2015 %Change Sales 2,093 2,554 -18.1% Median Price $360,000 $340,000 +5.9% Closed sales are down for the first time in nine months. Median prices have been up 12 of the last 16 months. "Buyers finally took a break for the first time since May 2015," said 2016 MAR President Annie Blatz, branch executive at Kinlin Grover Real Estate in Brewster. "So much of this year's activity came early when the market typically is slow. We also know some buyers are getting priced out of the market, and the only way we can fix this is with more inventory." INVENTORY AND DAYS ON MARKET Single-family July 2016 July 2015 %Change Inventory 17,650 24,938 -29.2% Months of Supply 3.6 5.8 -37.9% Days on Market 78 77 +1.3% New Listings 6,387 7,507 -14.9% 54th straight month of year-over-year inventory decreases New listings added to the market down for the fourth time in 12 months Condominium July 2016 July 2015 %Change Inventory 4,435 6,068 -26.9% Months of Supply 2.4 3.5 -31.4% Days on Market 58 66 -12.1% New Listings 2,307 2,403 -4.0% Inventory down for 11 of the last 12 months New listings added to the market down for the fourth time in 12 months "Despite the slowdown in closed sa les in July, the market continues to be intensely competitive," Blatz said. "It remains a very good time to put your home on the market if you're interested in selling, and Massachusetts needs a boost in supply more than ever." About the Massachusetts Association of REALTORS: Organized in 1924, the Massachusetts Association of R EALTORS is a professional trade organization with more than 22,000+ members. The term R EA LTOR is registered as the exclusive designation of members of the National Association of R EALTORS who subscribe to a strict code of ethics and enjoy continuing education programs. ■ Home Sales Slow Down in the Dog Days of Summer REALTY NEWS | Greater Boston Builder+Architect BOSTON.BUILDERARCHITECT.COM

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