For anyone hoping to buy a house in Massachusetts - they face a trifecta of obstacles.
The inventory of single-family homes continues to shrink - helping push the prices for those homes on the market to record highs. And mortgage rates are above 7%.
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According to the Warren Group - from January to October - sales of single-family homes dropped nearly 24% compared to the first 10 months of 2022. But the median sale price is up nearly 4% - to $570,000.
It's the same for condos, prices are up, and sales are down, nearly 20% so far this year. Year-to-date, condo sales are down 19.7% and the median price is up 4.9% to $515,500.
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Two new studies have looked into factors driving the tight housing market: and two of the authors of those studies join us.
Luc Schuster is the executive director of Boston Indicators, a research center at the Boston Foundation - which recently released its 2023 Greater Boston Housing Report Card
Marc Draisen is the Executive Director at the Metropolitan Area Planning Council, which authored a study that showed just how much investors are impacting the market.
