SPRINGFIELD, Mass. (WWLP) – The Realtor Association of the Pioneer Valley has released its report on the housing market for May. Home closings have decreased however, they’re still selling for more money compared to May 2021.
There were 419 homes sold in May this year, which is down 5.8% over May 2021 with 445 homes sold in Franklin, Hampden, and Hampshire Counties. The median sale price for homes was $316,000, which is about 10.9% higher than last year of $285,000.
The inventory of available homes for sale in May was down 23% with 461 on the market versus 599 homes on the market in May 2021.
The average time on the market dropped by 16.9% year-over-year, down to just 29 days.
A 30-year mortgage averaged 5.23% with an average .9 points for the last week of May. According to the report, a 30-year mortgage averaged 2.96% with an average .7 points in 2021.