Record Snow Buries Mass. Housing Market

The New England housing market felt the effects of historical or near-historical levels of snowfall across much of the region in January. Many states accumulated more than 60 inches of snow in a two-week period, forcing potential homebuyers to put their plans on hold. Month-over-month, home sales reflected the inclement weather with a decrease of 34.7%. Year-over-year, home sales declined 3.0%.

Across New England, median prices remained relatively flat with a bright spot in Rhode Island, which experienced a 6.3% increase year-over-year. Month-over-month, prices decreased 5.0% on average. Year-over-year, pending sales were up 9.4% over January 2013, while month-over-month figures declined 2.3% over December 2014.

“Record levels of snow have certainly stalled potential homebuyers’ plans in January,” said Dan Breault, EVP/Regional Director of RE/MAX of New England. “The Boston area broke records with more than 62 inches of snow reported since January 15th. As New Englanders continue to dig out, we are all counting down the days until spring.”