Surge In Boston Home Sales
The Greater Boston housing market exhibited significant growth this August, with the month’s 1,720 single-family sales representing a 13.5 percent increase from a year ago.
Furthermore, with 1,302 contracts signed in August pending sales were up 30.9 percent. This denotes at least another month of strong sales activity.
However, even with these encouraging sale statistics, Boston’s affordability did not improve. Single-family inventory dropped 13 percent while months supply dropped 23.3 percent to just 2.0-months. At 89 the single-family Affordability Index was down 1 percent.
While Boston’s single-family market was strong in August, its condo market was another story. Despite sales being up 4.6 percent, they remain down 2.0 percent year-to-date. Additionally pending condo sales (up 16.8 percent) exhibited slower gains that single family. Affordability in the condo market decreased as well with inventory declining 13.8 percent and month’s supply dropping 17.5 percent (1.3-months), the condo Affordability Index fell 8.0 percent.
August was a perpetuation of Boston’s long-term housing trends. The city continues to become more expensive and limited with its housing stock. The median price for single-family homes and condos has gone up 6.4 percent ($499,900) and 13.6 percent ($460,000) in the last two years. Affordability indices have fallen 4.3 percent for single family and 10.2 percent for condos.
The largest decay has been in months supply. In the past two years it has fallen more than 13 percent for both market sectors.