“Inventory has decreased for the 13th consecutive month which has exhausted buyers to a point they are retreating from the market,” says Linda O’Koniewski, CEO of RE/MAX Leading Edge. “Even the historically hot markets of Boston’s Seaport, Lexington, Melrose, Newton, Cambridge and Winchester are experiencing a slow down in sales. We expect the summer months to slow down but expect buyers to be out in force when folks abandon the beach mindset this fall. After all, there is still a lot of pent up demand that will continue to fuel the market through the end of the year.”
July housing numbers reveal, sales of combined condo and single-family homes in Massachusetts decreased -19.9% year-over-year and pending sales are down -2.4%. Inventory remains down -29% year-over-year and prices are up +5.2%.