The median price of single-family homes in Massachusetts tumbled 9 percent in August, sinking to the lowest price for the month of August in six years, according to a new report from The Warren Group, parent company of Banker & Tradesman.
The median price for single-family homes sold in August was $323,000, down from $355,000 in August 2007. It was the lowest price for August since 2002, when the median selling price was $297,500.
Significant declines in home prices on Cape Cod and the islands and in Central Massachusetts helped drag down the statewide median price last month. The median home price in Barnstable County plunged 18.8 percent to $325,000 in August from $400,000 last year. In Worcester County, the median home price was down 15 percent to $234,000 from $275,000 in August 2007. Statewide, the year-to-date median home price was $318,000, a 9.1 percent decline from $350,000 a year ago.
In the City of Boston, this is not entirely the case. The condo market is very healthy and there is actually a shortage of quality condos on the market. I'm not sure of the exact year over year numbers for Boston, but condo prices remained pretty much flat year over year in all of Massachusetts. My assumption would be that volume in Boston was down, but prices were slightly up.