Milton Sees Decrease of Home Sales in August

By Les Masterson

Mirroring a similar trend seen across Massachusetts, Milton experienced a drop in home sales in August compared to a year ago.

Milton had 35 single-family home sales in August this year compared to 44 last year. For the year, Milton has had 204 home sales compared to 203 last year, according to The Warren Group, publisher of Banker & Tradesman, which released the sales figures on Tuesday.

Though sales for the month are down, house prices are slightly up. The median sale price for a single-family home in Milton in August was $607,000, which was slightly down from $555,000 from a year ago. For the year, the median sale price has been $530,000, an increase over $500,000 after the first eight months of 2013.

Norfolk County

Norfolk County also saw a decrease in home sales in August -- 698 this year compared to 783 last year. For the year, Norfolk County has had 4,041 sales compared to 4,245 last year.

The median sales price was down slightly in August compared to a year ago ($421,000 compared to $420,000). The median sales price is also up for the year in Norfolk County ($425,000 compared to $400,000 a year ago).

Massachusetts

Statewide, Massachusetts had its sixth month in which sales decreased year-over-year in 2014.

A total of 5,417 single-family homes were sold in August compared to 5,797 last year. For the year, sales are down from 33,399 in 2013 to 32,382 this year.

The median price for the month was up slightly from a year ago. A similar increase has been seen throughout the first eight months of the year compared to 2013.

Realtors have been concerned about the lack of housing inventory this year and The Warren Group CEO Timothy M. Warren said there could be an another issue influencing the disappointing August numbers.

“Home sales volume has been a bit disappointing all summer,” said The Warren Group CEO Timothy M. Warren Jr. “As reported in this week’sBanker & Tradesman, there is a discrepancy between the increase in pending sales and the number of closed sales transactions. It could be due to tough mortgage underwriting standards or cold feet after a rushed offer.”

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