Massachusetts Home Sales Plummet In May Due To Coronavirus
BOSTON (CBS) – Home sales in Massachusetts took a deep dive in May, compared to the same time last year, because of the coronavirus pandemic. Sellers are simply keeping their homes off the market for now.
According to new data from the Massachusetts Association of Realtors, there were 8,853 homes for sale in May 2020, down from 15,737 in May 2019. That's a drop of 43.7 percent. The number of condominiums available for sale fell 29.6 percent.
The number of closed sales of median priced single-family homes was down 30.3 percent and condominiums were down 45.7 percent in May, compared to the same time last year.
"The industry took a pause in the early spring and is starting to move forward again. The spring market will now be the summer market. Most likely, we'll continue to see inventory levels decrease in the short term but will start to see a resurgence when we reach the other side of COVID-19 issues," the association's president, Kurt Thompson, said in a statement.