Greater Boston Home Sales Hit 27-Year Low as Rising Mortgage Rates Deter Buyers

Home sales in Greater Boston area dropped 32% in September 2022 compared to September 2021, reaching the lowest level since 1995.

Interest rates have risen significantly, with 30-year fixed mortgage rates now over 7.5%, deterring potential home sellers and buyers.

Median home price in September was $849,950, up 11.7% from last year, as inventory remains low and prices stay high.

Home sales across Massachusetts also hit a 13-year low in September, down 26.5% year-over-year.

High interest rates are expected to keep the housing market frozen, with low inventory and high prices persisting.