The Massachusetts Association of REALTORS recently reported that in February, the prices went up and the number of closed home sales was down due to lack of inventory.
Median home prices were up for the fifth straight month, said MA Realtors, adding that unlike single-family sales, both condominium median prices and closed sales were up in February.
“Demand has outpaced supply with plenty of motivated buyers, but not enough homes for sale to meet the need,” said 2013 MAR President Kimberly Allard-Moccia, broker-owner of Century 21 Professionals in Braintree, in a press release.“If inventory continues to go down, there is a good chance we will see sales decline as well which is not what the market needs.”
According to the press release, there were 2,168 detached single-family homes sold this February, a 5.0 percent decrease from the 2,282 homes sold the same time last year. This is the first time in 19 straight months that home sales have gone down.