Last month, the median sale price for a single-family home in Greater Boston hit an all-time high of $950,000. The median sale price could easily hit $1 million this year, reflecting a 16% increase from April 2023.
Luc Schuster, executive director of Boston Indicators, labeled the situation as a crisis, urging the Legislature to address the escalating housing price pressures.
Rising interest rates, averaging 7%, have frozen the market. Sellers are deterred by high monthly payments, leading to a shortage of available homes for buyers.
#boston-housing-market #home-prices #market-instability #rising-interest-rates #legislature-intervention
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