Home Sales Drop in February

The Massachusetts Associaten of Realtors (MAR) reported earlier this week that sales of single-family homes dropped 23% in February when compared to the same time period last year. There were 1,857 single-family home sales in Massachusetts last month, compared to 2,409 in February 2007.

Median sale prices dropped 4.6% from $325,000 in February 2007 to $310,000 in February 2008. The February 2008 figure was also down 3.4% from January levels, when the median price was $321,000.

For condominiums, the drops were even more substantial. There were 827 condos sold in February 2008, a 35% decrease compared to February 2007. And median sale prices of condos were down 6.7% from $270,000 in February 2007 to $252,000 in February 2008.