Price of homes, condos hitting record highs
HOLYOKE, Mass. (WWLP) – The price of homes and condos are hitting record highs while inventory is low.
In Massachusetts, single-family homes sales have continued to decline since last month. Which in turn is pushing residents away from homeownership.
The pandemic has already had a major impact on the housing market, and according to experts, the median home sale price has increased 12% on a year-over-year basis. And with inflation still steadily rising, more and more people simply can’t afford it.
Lou Burgos of Holyoke told 22News, “Well when it comes to the home buying process, besides the fact that it is already extremely difficult to get completed because of inflation, it’s becoming very impossible to even get it started up and running.”
According to the Warren Group, within the last month, there’s been a 6.9% decrease in home sales since March of 2021.