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Boston Real Estate Market Update

Boston homes sales declined last month - with few area I all of Massachusetts shoing a rise in activity.  At the same time real estate sales of foreclosure or short-sale properties continues to put downward pressure on median prices in the Greater Boston including the metro-west Boston area.

Overall sales of existing Boston real estate declined nearly TWELVE percent in July from a year ago, according to the National Association of Realtors. The median price in the Boston was down almost FIVE percent from July 2007.

This is reflected in the national trend where sales dropped more than THIRTEEN percent, while the median price decreased 7.1 percent, to $212,000, respectively.

The AP Re/Max Monthly Housing Report, which was also released yesterday, showed July sales dropped by at least TWENTY percent in five of the other Northeast cities tracked.

In Boston, the supply of homes for sale declined markedly, signaling a possible turnaround in the offing.  Joe Armstrong, an agent with Prudential Prime Properties, stated that the condo and house markets already are already picking back up.

Overall, Boston home sales fell TWELVE percent in July and the median price decreased 8 percent, to $355,000, according to the report.

Source: National Association of Realtors, 2008