MA Home Sales Prices Hit New Highs, Even With Buying Down

MASSACHUSETTS — It's a great time to sell a home in Massachusetts, but perhaps not a great time to buy one.

The Warren Group's monthly assessment of the housing market in Massachusetts marked yet another record for home sale prices, with the July median sales price at $610,000 — $25,000 higher than July 2022.

At the same time, only about 4,100 homes sold in July, about 1,200 fewer than in July 2022.

"Once again, median single-family home prices continued to set records across Massachusetts, despite mortgage interest rates that are nearly double what they were this time last year," Associate Publisher and Media Relations Director of The Warren Group said in a news release. "Demand is obviously still strong among prospective buyers, but inventory can’t keep up."

Prices for condominiums also rose, with a median sales price of $555,000 in July compared to $521,000 in July 2022.

The interest rate on the most common 30-year mortgage climbed to near 7.6 percent on Monday, according to Forbes.

Every county in Massachusetts saw a year-over-year drop in the number of home sales in July. But drilling down into community-level data, some towns and cities across the state were seeing gains in both monthly sales and media sale prices. Boston's Hyde Park neighborhood, for example, saw 18 percent growth in home sales over the past year, plus a more than 6 percent rise in the media home sale price.

View data on individual communities in the state here.