SPRINGFIELD, Mass. (WWLP) – Home Buyers are facing high prices and interest rates as home sales in Massachusetts are down about 25 percent.
The Warren Group reported that the median single-family home sale price increased to 6.2 percent on a year-over-year basis to $600,000 which is a record high for the month of August. There were 5,753 single-family home sales in the state last month which is down nearly 24 percent compared to last year.
22News spoke with Bryan Kaye from BKaye Realty and he says there is low inventory, “A lot of that has to do with I think interest rates. A lot of people are deciding to stay in their homes and keep their 2, 3, and 4 interest rate rather than selling and locking into a new mortgage at 6 or 7 percent or more.”
While options are limited, BKaye Realty says there are still some deals out there and advises that those searching work with an expert to help with negotiations and availability. He says home buyers should try to find lenders with a better closing cost because they can be very expensive and fluctuate. When the rates come back down that will encourage sellers to list which will bring more supply and balance the market.