The Massachusetts' real estate market began to see a seasonal slowdown in October, as home sales and prices were little changed.
According to the Massachusetts Association of Realtors, 3,685 single-family homes were sold in October, a 0.9 percent increase from the previous month. However, on a year-over-year basis sales were up 22 percent and have now increased in 16 consecutive months compared to the previous year.
Additionally, the median price for a single-family home was $292,000 in October, a 1.6 percent decline from September. Compared to last year, the median price was up 4.4 percent, which was the largest annual jump since June 2010.
"Because median prices took their biggest jump since the last month of the home buyer tax credit this could be a strong sign of the start of an upward trend," said MAR president Trisha McCarthy. "While the number of closed sales in October rebounded nicely, inventory continues to be a factor for buyers and sellers in the market."
Despite the minimal improvement in October, The Warren Group said that sales between the months of January and October were up 22 percent compared to the same period in 2011.