July Closed Home Sales Report for Greater Boston
The Massachusetts Association of Realtors released their closed sales report for July 2019.
“In July, the U.S. economic expansion that began in June 2009 became the Closed Sales
longest in the nation’s history, marking 121 straight months of gross domestic
product growth and surpassing the 120-month expansion from 1991 to 2001.
The average rate of growth during this expansion has been a milder 2.3 percent
per year compared to 3.6 percent during the 1990s. Although the economy
should continue to perform well for the rest of 2019, most economists see a mild
recession on the horizon.” – Massachusetts Association of Realtors July 2019
New Listings were down 7.0 percent for single-family homes and 1.0 percent for
condominium properties. Closed Sales decreased 2.3 percent for single-family
homes and 7.8 percent for condominium properties.
“We see the cooldown flattening or even reversing course in the coming months and expect the housing market to continue coming into balance. In the meantime, buyers are likely claiming some ground from what has been seller’s territory over the past few years. If mortgage rates stay low, wages continue to grow, and inventory picks up, we can expect the U.S. housing market to further stabilize throughout the remainder of the year.” Ralph McLaughlin, Deputy Chief Economist for CoreLogic