Home sales dropped in western Massachusetts last month.
The Realtor Association of the Pioneer Valley released a report for January that shows sales and inventory are both down. However, single family home prices have increased.
Fitzgerald Real Estate in Greenfield told 22News, a lack of inventory has been a problem in the Pioneer Valley for quite some time.
In January, overall sales dropped 14 percent and inventory was down 13 percent. However, the average price for a single family home increased slightly, year-over-year.
In the current housing market, there’s just over two months of supply, which reduces the overall volume of sales.
Realtor Corinne Fitzgerald told 22News, the current market offers an opportunity for both buyers and sellers.
“We have approximately 1,400 homes for sale in the entire Valley, so it’s a great time to think about selling and that translates into a good time to think about buying for a buyer,” said Fitzgerald.
Fitzgerald said the average price for a single family home is $200,000 and interest rates are still favorable.
Fitzgerald said mortgage rates only went up by a half percent, which makes buying a home more affordable.