BOSTON (AP) — A drop in sales of single-family homes in Massachusetts in February when compared with the same month last year was due to low inventory, according to two organizations that track the market.
The Massachusetts Association of Realtors and The Warren Group both reported Tuesday that home sales were down 5 percent last month when compared with February 2012.
It was the first time in more than a year of year-over-year declines.
Realtors President Kimberly Allard-Moccia says there are “plenty of motivated buyers, but not enough homes for sale to meet the need.”
Warren Group President Timothy Warren Jr. added that comparisions are being made with a strong previous year.
The median selling price was up about 9 percent according to the Realtors, and about 12 percent according to The Warren Group.
Copyright 2013 The Associated Press.