{"id":20687,"date":"2024-03-19T11:53:22","date_gmt":"2024-03-19T15:53:22","guid":{"rendered":"https:\/\/www.northcentralmass.com\/?p=20687"},"modified":"2024-10-06T17:33:21","modified_gmt":"2024-10-06T21:33:21","slug":"home-sales-flat-price-up-ahead-of-spring-market","status":"publish","type":"post","link":"https:\/\/www.northcentralmass.com\/es\/home-sales-flat-price-up-ahead-of-spring-market\/","title":{"rendered":"Home Sales Flat, Price Up Ahead Of Spring Market"},"content":{"rendered":"

Source: State House News Service
\nAuthor(s): Colin A. Young<\/em><\/p>\n

What difference can a year make? When it comes to home sales in Massachusetts, the answer is about $50,000.<\/p>\n

There were 2,042 single-family homes sold in Massachusetts in February, the exact same number of sales as in February 2023. But analysts at The Warren Group said the median sale price last month reached a new all-time high for the month of February at $548,250, a 10 percent increase over February 2023\u2019s median sale price of $498,369. February\u2019s data added to what has been a familiar trend: monthly sales that are down or flat while the median sale price regularly sets new record highs.<\/p>\n

Cassidy Norton, associate publisher and media relations director for The Warren Group, said there\u2019s no reason to expect that dynamic to change in the near future as the spring home buying season gets underway.<\/p>\n

\u201cA lack of inventory is the biggest factor driving these trends, and with fewer and fewer homes hitting the market, we can fully expect to see more recording-setting prices paired with a low sales volume in the coming months,\u201d she said.<\/p>\n

Through February, there have been 4,438 single-family home sales so far this year in Massachusetts, four more than during the first two months of 2023, The Warren Group said. But the median sale price so far this year stands at $550,000, a 10.2 percent increase over the $498,869 median sale price through the first two months of 2023.<\/p>\n

Housing in Massachusetts is inaccessible or unaffordable for many residents, and Gov. Maura Healey last year identified housing as \u201cthe number-one issue facing this state.\u201d<\/p>\n

Legislative committees are\u00a0reviewing\u00a0the five-year, $4.12 billion housing bond bill (H 4138) that Healey filed in the fall seeking to kickstart the production of new housing units. And though there is broad agreement that the state has an economic imperative to make more housing available, some pieces of the governor\u2019s bill \u2014 like the potential for local-option real estate transfer taxes \u2014 are viewed as controversial in the Legislature because they will add to housing costs.<\/p>\n

The Housing Committee gave the bill a favorable report and advanced it earlier this month without making any changes to the governor\u2019s proposal. It is now before the Joint Committee on Bonding, Capital Expenditures and State Assets.<\/p>\n

On Friday, the National Association of Realtors\u00a0agreed to pay $418 million\u00a0over approximately four years to settle antitrust litigation related to broker commissions. The longstanding practice has been that a seller\u2019s agent gets a roughly 6 percent commission upon making a sale, with some of that money then going to the agent who represented the buyers.<\/p>\n

Groups behind the litigation argued that the arrangement meant agents might steer buyers towards homes that would produce a higher commission for themselves, and critics bristled at the fact that the commission for the buyer\u2019s agent was essentially taken out of any profit the seller made on a sale.<\/p>\n

But while some industry observers have suggested the settlement could help reduce the barriers to buying a home,\u00a0Norton told WCVB-TV\u00a0on Friday that it\u2019s \u201chard to say at this point\u201d exactly how the settlement might change the home-buying or home-selling processes.<\/p>\n

\u201cWhat we do know, at the very minimum, is that the two agents \u2014 the buyer agent and the seller agent \u2014 cannot communicate with each other over the MLS about what they want their rate to be. They can still email each other, they can still call each other, but they can\u2019t do it over the MLS. So that\u2019s all we know,\u201d she said, referring to the Multiple Listing Service platform. \u201cThings may change beyond that. It may be that the buyer is now responsible for the buyer agent\u2019s commission. It may be that negotiations become a lot more common because it has been about a 6 percent rate for quite a while. But we\u2019re not really sure yet what this is going to do for the market. If it turns out that buyers end up paying their own buyer agents, that\u2019s not good news for Massachusetts because the home prices are already so expensive.\u201d<\/p>\n

 <\/p>\n

\n

Chamber of Commerce | North Central Massachusetts | Economic Development | North Central Massachusetts Chamber | Community Development | Rural Economy | Massachusetts Industry | Quality of Life | Economic Diversity | Massachusetts Housing<\/em><\/p>","protected":false},"excerpt":{"rendered":"

Source: State House News Service Author(s): Colin A. Young What difference can a year make? When it comes to home sales in Massachusetts, the answer is about $50,000. There were 2,042 single-family homes sold in Massachusetts in February, the exact same number of sales as in February 2023. But analysts at The Warren Group said […]<\/p>\n","protected":false},"author":1,"featured_media":20432,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,126],"tags":[],"class_list":["post-20687","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-state-house-news"],"yoast_head":"\nHome Sales Flat, Price Up Ahead Of Spring Market » North Central Massachusetts Chamber of Commerce<\/title>\n<meta name=\"description\" content=\"Source: State House News Service Author(s): Colin A. Young What difference can a year make? 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