Single-family home sales in Massachusetts continued their steady decline in May, falling nearly 13% compared to May 2007 according to a report released earlier this week by The Warren Group.
There were 3,739 single-family home sales in May 2008, a drop of 12.7% from 4,284 in May 2007. Year-to-date sales (through May 31) are down 20.4% from 2007 levels, from 17,372 last year to 13,822 so far this year.
The median sale price also dropped 7.8% in May ($322,500 this year, compared to $350,000 in May 2007) and is down 8.6% year-to-date.
According to Timothy Warren, CEO of The Warren Group, "The first sign of a recovery in the housing market will be a rebound in home sales. We're not there yet, but this is the second month in a row that sales have shown smaller declines than we've been seeing since the last quarter of last year."
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