Tight inventory continues to challenge homebuyers in the Northeast where three states’ real estate associations have reported weaker sales and rising prices for April
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Tight inventory continues to challenge homebuyers in the Northeast where three states’ real estate associations have reported weaker sales and rising prices for April.
New York State Association of Realtors says that the statewide median sales price was up almost 8% in April, as strong demand clashed with an 18% drop in inventory year-over-year.
Sales were down 5% year-over-year to 8,495 and the median sales price increased to $235,000.
“As we enter the typically busy summer months, the housing market holds great opportunity for sellers as we expect strong buyer demand to continue,” said Duncan R. MacKenzie, CEO of the New York State Association of Realtors.
“Without the return of sellers to the market, home sales will likely be constrained during the summer of 2017.”
In Maine, sales slumped almost 14% to 1,106 in April as inventory tightened for single-family homes by 25% year-over-year. The Maine statewide sales price increased 2.78% to $185,000.
“Low inventory is impacting potential sellers as well. Some are hesitant to list their homes without a suitable ‘next step’ to move into,” commented Greg Gosselin, 2017 President of the Maine Association of Realtors.
“The basics continue; families need someplace to live, interest rates continue to be historically low, and owning your own home and real estate is one of the best ways to build your net worth over the long term,” added Gosselin.
Massachusetts sales also declined, with single-family sales down 8.5% to 3,735 and condo sales down 9.5% to1,455. The median price for single-family homes was up 3.6% to $362,500 and for condos was up 4.6% to $345,000.
“With the current trend of plunging inventory and rising prices, the odds were strong that sales increases of the winter market would be unsustainable through the spring,” said 2017 MAR President Paul Yorkis, president of Patriot Real Estate in Medway. “The demand is there; we just need more homes on the market to satisfy that demand.”
New York State Association of Realtors says that the statewide median sales price was up almost 8% in April, as strong demand clashed with an 18% drop in inventory year-over-year.
Sales were down 5% year-over-year to 8,495 and the median sales price increased to $235,000.
“As we enter the typically busy summer months, the housing market holds great opportunity for sellers as we expect strong buyer demand to continue,” said Duncan R. MacKenzie, CEO of the New York State Association of Realtors.
“Without the return of sellers to the market, home sales will likely be constrained during the summer of 2017.”
In Maine, sales slumped almost 14% to 1,106 in April as inventory tightened for single-family homes by 25% year-over-year. The Maine statewide sales price increased 2.78% to $185,000.
“Low inventory is impacting potential sellers as well. Some are hesitant to list their homes without a suitable ‘next step’ to move into,” commented Greg Gosselin, 2017 President of the Maine Association of Realtors.
“The basics continue; families need someplace to live, interest rates continue to be historically low, and owning your own home and real estate is one of the best ways to build your net worth over the long term,” added Gosselin.
Massachusetts sales also declined, with single-family sales down 8.5% to 3,735 and condo sales down 9.5% to1,455. The median price for single-family homes was up 3.6% to $362,500 and for condos was up 4.6% to $345,000.
“With the current trend of plunging inventory and rising prices, the odds were strong that sales increases of the winter market would be unsustainable through the spring,” said 2017 MAR President Paul Yorkis, president of Patriot Real Estate in Medway. “The demand is there; we just need more homes on the market to satisfy that demand.”
