Single-family home sales fell last month while the median price rose, particularly in Greater Boston, driven by a continuing shortage of inventory, according to the Massachusetts Association of Realtors.
Statewide, the number of closed sales dropped by 6.7 percent, from 3,817 in November 2013 to 3,560 last month, while the median price increased 4.4 percent, from $316,000 to $330,000 over the same period, MAR statistics show.
Condominium sales fell even more precipitously — by 10.2 percent — from 1,494 to 1,342, but the median price increased only 1 percent, from $299,000 to $302,000.
"Both the falling numbers of sales and the increasing median prices are a reflection of low inventory," said MAR President Peter Ruffini. "There's a lack of affordable housing for first-time buyers. It's very rare to see new construction priced at under $400,000. That's simply not a viable price point for most people looking to enter the housing market."
In the Metro Boston area, the median selling price for a single-family home rose even more dramatically — by 9.4 percent, the largest percentage increase since April — from $480,000 in November 2013 to $525,000 last month, the highest median home price ever recorded for November in the area, according to the Greater Boston Association of Realtors.
"Even at these prices, what is available is being jumped on pretty quickly," said Michael DiMella, the association's president and managing partner of Charlesgate Realty Group in Boston. "We're still seeing some multiple offers and bidding wars, although not as much."
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