Massachusetts Real Estate Market Update for the week of 8/22/2022

Recap of Video:
✅ Inventory continues to 📉decline.. It's not an outlier, it's an official trend!
✅ Boston Rental Market was given some not so great news in regards to affordability. 
✅ Ouch is the best way to describe the 📊 mortgage market this week.
✅ National Headlines touting the Housing Market Records Sharpest Decline in Sales in Almost two decades… We take a look at Massachusetts Data to determine what’s going on.
➡️ Single Family 🏡 Market Data Week over Week ⬅️
✅ Single Family inventory in Massachusetts on 8/22 was 5,182 homes available to buyers. This is 115 units less and about 2% decrease in the amount of inventory. Inventory is now down 6% from its peak on 7/25. 
✅ 1,046 Single Family homes came on the market which is a 19% 📉 decrease when compared to the same week in 2021. 
✅ 1,179 Single Family homes went under agreement (11% 📉 Decrease YoY) with 813 Single Families selling for an average price of $754k and a Median Price of $602k.
✅ Months of Inventory decreased to 1.28 months from 1.33 months last week. This signals a Very Strong Seller's Market.
➡️ Condo Market Data Week over Week ⬅️
✅ Condo inventory in Massachusetts on 8/22 was 2,476 condos available to buyers. This is down 66 units (2.5%) when compared to last week.
✅ 380 Condos came on the market which is a 25% 📉 decrease when compared to the same week in 2021.
✅ 383 Condos went under agreement (28% 📉 Decrease YoY) with 322 Condos selling for an average price of $656k and a Median Price of $654k.
✅ Months of Inventory decreased to 1.49 months this week compared to 1.51 months last week. 
➡️ Other Topics Covered ⬅️
✅ Mortgage market saw rates 📈 go up... A lot. Ranging around 5.75% to low 6% range for a 30 year 📅 fixed rate. 
✅ Mortgage rates are tied to the 10 Year 💵 Treasury which saw it's yield cross over the 3% mark.  
✅ Rents across the nation continue to go up 📈 and up with Boston being the #2 most expensive city 🌆 for rent. Rental rates increased by 17% year over year.  
✅ National Housing Market Records Sharpest Decline in sales in almost two years. We have seen this 📉 decline in Massachusetts, but not at levels that one should be worried about. We are at 2012 levels when looking at July numbers. Inventory continues to drop more than sales keeping a market ⚖️ imbalance for sellers. 

👇Connect with me
Jeffrey Chubb | Chubb Homes Team | 617-480-2600 | Jeff@Boston2.com | https://www.Boston2.com | Brokered by eXp Realty

Wondering what the Massachusetts Real Estate Market Conditions are in 2022? Then this is the place to visit each week. Jeffrey will give an update on Massachusetts Real Estate for Massachusetts Single Family and Massachusetts Condo homes. He will provide the weekly market stats as well as some weekly market color as to what is going on in the Massachusetts Housing Market and whether Massachusetts Real Estate is appreciating or depreciating.