May 2019 Massachusetts housing data
Good morning, the May 2019 housing data is in! According to the Warren Group (they track all recorded deed transactions) last month, there were 5,675 single-family home sales recorded in Massachusetts, a 7.3 percent increase from May 2018 when there were 5,290 transactions. Meanwhile, the median single-family sale price rose 4.1 percent on a year-over-year basis to $410,000, which marked an all-time high for the month of May! warrengroup.com
Mass Association of Realtors tracks all the transactions on the three MLS's - a more accurate counting of retail sales. They show 5,247 single family home (SFH) transactions, a 8.05% increase from May 2018 with a median selling price of $420,000 - an all time high! Median selling price is up 3.70% YoY. What the graphs show is that the pace of price increase is slowing from the blistering pace of 2017-18. We do have 4 months of increasing transaction volume which is supportive of a sustained housing market expansion.
https://www.marealtor.com/public#market_data_public
The Case-Schiller Boston index measures "sales pairs", comparing the sales price of a house in the current month to the prior transaction of the same house. This index is a three month rolling average and was arbitrarily set at 100 back in 2000. The S&P CoreLogic Case-Shiller Home Price Indices are calculated monthly using a three-month moving average. Index levels are published with a two-month lag. We have now eclipsed 220, meaning that the same home is worth more than double what it was 19 years ago. By way of comparison according to the Bureau of Labor Statistics consumer price index, today's prices in 2019 are 48.72% higher than average prices throughout 2000 so housing prices are rising at double the pace of general inflation in the Boston Metro area. Wolfstreet.com has an excellent wide view chart included as well.
https://us.spindices.com/…/sp-corelogic-case-shiller-boston…
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