If you don’t already own a home in Massachusetts, it may be too late
The Massachusetts housing market kept heating up in June, to the dismay of many would-be buyers.
Prices of both single-family homes and condominiums hit record highs last month — which is typically one of the busiest of the year — according to figures out Wednesday. Both the Warren Group and the Massachusetts Association of Realtors reported all-time records. The median price for a single-family home climbed 2.1 percent since last June to $429,000, according to real-estate tracking firm Warren Group, and condo prices surged 9.1 percent, to $420,000.
Yet the volume of sales fell sharply, with single-family homes down 9.3 percent from last June, according to the realtors association, as buyers struggle to find houses they can afford. The real estate trade group said there were fewer homes for sale last month than in any June since it started counting in 2004.
And new listings — homes that were put on the market last month — are slumping again after rising earlier this spring, suggesting there’s little relief on the way for prospective buyers.
“The lack of supply in the Massachusetts housing market and its impact on prices has never been more evident,” said Warren Group chief executive Tim Warren. “Last month, I observed that a lack of new listings on the market would continue to add upward pressure on single-family home prices. This appears to have played out and could continue to do so during the remainder of the summer.”