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Here’s June 2017’s Monthly Indicators report from the Greater Boston Association of Realtors® showing Boston real estate market trends.
June 2017 Greater Boston Real Estate Market Trends
Amid the continued shortage in the supply of homes for sale in Greater Boston and appreciating home values, sales of single-family homes and condominiums remained steady in June according to data released by the Greater Boston Association of REALTORS® (GBAR).
The single-family detached home market experienced a slight softening in sales in June as 1,907 homes we sold compared to the 1,938 homes sold in June 2016. Despite this 1.6 percent decline, this was the second highest sales volume on record for the month of June in Greater Boston, following last year’s record-high total, and is well above the historical monthly average of 1,663 homes sold. The condo market also experienced a modest decline in sales of 5.0 percent, as the 1,342 condos sold last month fell short of the June 2016 total of 1,413 units sold. This is the sixth highest sales total on record for the month of June and remains above the historical monthly average of 1,284 units sold.
- June condo sales DOWN -5.0%
- Median prices UP 4.0% ($525,000)
- Active Listings DOWN -19.5% to 1,864
- Listings added to the market UP 3.9% over last year (1,506 from 1,449 in 2016)
- June single-family home sales DOWN -1.6%
- Median prices UP 5.1% ($615,000)
- Active Listings DOWN -29.7% to 3,090
- Listings added to the market DOWN -14.3% over last year (1,845 from 2,152 in 2016)
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Buying is now cheaper than renting in the US
The results of the latest Rent vs. Buy Report published by Trulia, shows that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States. Of course this requires necessary down payment and closing costs. If you plan on being in an area (other than for a short period of time) it may be worthwhile to look into buying a home.
Since the recent housing bubble and slowdown we have seen home values appreciating, and that is good news for homeowners. Homeowner equity is increasing. CoreLogic’s latest Equity Report revealed that 91,000 properties regained equity in the first quarter of 2017. This is great news for the country, as 48.2 million of all mortgaged properties are now in a positive equity situation. Meaning risk continues to steadily decline as a result of increasing home prices.
Historically, the choice between renting or buying a home has been a tough decision. According to Pulsenomics study looking at the percentage of income needed to rent a median-priced home today (29.2%) vs. the percentage needed to buy a median-priced home (15.8%), the choice becomes obvious. Every market is different. Talk to me before you renew your lease again, find out if you can put your housing costs to work by buying this year!