Posted 1/16/2024, 7:55:07 PM
Boston Housing Market Stalls as High Rates Deter Sellers and Buyers
- Greater Boston housing market frozen - home sales dropped nearly 25% in December 2022 compared to December 2021
- Prices still increasing - median single-family home price up 8% year-over-year to $800,000
- New listings, pending sales down - sellers not listing homes, leaving buyers little to choose from
- High mortgage rates discouraging sellers - rates above 6.5%, more than double two years ago
- Lack of inventory remains biggest issue - far more interested buyers than homes for sale