August 17, 2008 Elad Bushari

Sales of existing-home sales, including single-family homes and condos, were at a seasonally adjusted annual rate of 4.91 million units in the second quarter, down 0.8 percent from 4.95 million units in the first quarter and 16.3 percent below the 5.87 million units reported in the second quarter of 2007, according to the latest NAR quarterly survey. The states that saw the largest sales gains during the second quarter were Idaho, up 51.7 percent, and Virginia, up 10.5 percent.

The median sale price of existing single-family homes was $206,500, down 7.6 percent from the second quarter of 2007 when it was $223,500. Median home prices fell in all four regions. In the Northeast, prices fell 9.6 percent to $269,000; 0.9 percent to $161,000 in the Midwest; 4.1 percent to $177,000 in the South and; 17.4 percent to $290,600 in the West.
Of the 150 metro statistical areas surveyed, 115 had price declines while 35 showed gains compared to a year ago.

The Boston Real Estate market performed well this quarter, according to our quarterly Boston Real Estate Market Report (data source: LINK), City wide average sales price increased 8% from the same quarter last year and the median sales price increased 5.4%. Number of sales dropped 15% from the second quarter of 2007 ringing at 991 transactions.

Elad Bushari

Elad Bushari is the Broker / Owner of Bushari Group Real Estate and a National "30 Under 30" Honoree by REALTOR Magazine in 2009.

Comment (1)

  1. It is encouraging to hear that the Boston property market remains strong, and is indeed growing.

    As a property investing Brit, is gives me hope for the future. We are just sinking into a housing recession here, with the latest house prices throughout the UK falling 10.5% from last year. The only market that remains strong is in Scotland.

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