In March, Massachusetts experienced a decline in single-family home sales by 3.6% year-over-year, alongside a rise in median home prices by 8% to $285,000, driven primarily by low inventory. Similarly, condo sales decreased by 2%, yet their prices grew slightly by 1.5% to $261,000. The consistent pattern highlights the classic economic principle of high demand coupled with low supply, presenting a challenge in forecasting when more sellers will enter the market to alleviate the scarcity.
For the second month in a row, single-family home sales in Massachusetts fell in March, by 3.6 percent, while median prices rose by 8 percent to $285,000.
High demand plus low supply = higher prices. The head-scratcher is trying to figure out when more sellers might jump the market.
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