Massachusetts actual property market took ‘a pause’

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Single-family home sales rose 8% month-over-month to 3,712 in May, compared to 3,441 in April, according to the Massachusetts Association of Realtors.

However, in May sales were down 30.3% year over year, while closed condo sales were down 45.7%. According to the report, the average price of a home rose 4.7% year-on-year.

While inventories are still below the 2019 figures, 6,397 single-family homes and 2,484 condominiums came onto the market in May, an increase of over 3,000 apartments since April.

New registrations for single-family homes fell year-on-year by 33.6% and for condominiums by 26.1%.

“The industry took a hiatus in the spring and is starting to move forward again,” said Kurt Thompson, MAR 2020 president, broker at Keller Williams Realty North Central in Leominster, in a press release. “The spring market will now be the summer market. Most likely, inventories will continue to decline in the short term, but there will be a resurgence when we reach the other side of the COVID-19 problems. “