The median value of a single-family house in Massachusetts rose in March and through the first quarter of 2024, whereas stock and gross sales declined, in keeping with information compiled by the Massachusetts Affiliation of Realtors (MAR).
The median house value rose almost 9 p.c in March to $609,900 from $560,000 in March 2023, for two,421 gross sales nationwide. Gross sales fell 6 p.c in March. Within the first quarter of 2024, the median value stood at $585,000, up simply over 9 p.c from the primary three months of 2023. Consumers purchased 6,601 properties in Q1, about 2 p.c lower than the identical interval final 12 months.
Single-family actual property gross sales fell 29 p.c in March to three,650 properties on the market throughout the Commonwealth.
On the finish of March, house patrons had about one month’s provide. About 5 to 6 months of stock is taken into account a reasonable marketplace for house patrons.
MAR reported that Massachusetts housing prices in March weren’t far behind these of single-family properties. The median rental value in March was $555,000 (up 8 p.c) and $529,900 (up 6 p.c) from January to March.
Condominium gross sales fell almost 11 p.c in March to 1,222 in comparison with 1,367 in March 2023, and 10 p.c within the first quarter to three,008 from 3,350 within the first three months of 2023.
Fewer choices resulted in fewer gross sales. Condominium stock fell 21 p.c in March to 2,303 from 2,904 models accessible in March 2023. On the finish of March, there have been about six weeks of rental stock.
Mortgage Curiosity Charges Are Going Increased
For homebuyers who’ve been standing on the sidelines ready for rates of interest within the 6.375 p.c vary earlier this 12 months to drop considerably, the previous few months haven’t gone as deliberate. Freddie Mac reported its 30-year, fixed-rate mortgage rose almost 1 / 4 to 7.10 p.c for the week ending April 18, 2024, from 6.88 p.c the earlier week.
“The 30-year fastened fee mortgage exceeded 7 p.c for the primary time this 12 months,” stated Sam Khater, Freddie Mac’s Chief Economist. “As costs rise, potential homebuyers are deciding whether or not to purchase earlier than costs rise even additional or maintain off within the hope that they may drop later within the 12 months. Final week, requests for purchases rose barely, however it’s not but clear what number of patrons will be capable to face up to rising charges sooner or later.”
Does ready for decrease rates of interest make sense? It relies upon. Ready is senseless if you should buy at present rates of interest. For those who purchase now and costs go up, you may be glad you locked in a low value. If rates of interest go down, you’ll be able to refinance. The choice-making course of begins with talking with an skilled mortgage officer who will patiently clarify your choices to you.
