BOSTON (CBS) — The red-hot housing market in Massachusetts continues to show signs of cooling off. The Massachusetts Association of Realtors said Tuesday that the median price for a single-family home in the month of August was $552,000.
While that’s up more than 12% from the year before, it’a dip from $560,000 in July and an all-time record of $578,500 in June.READ MORE: 'It's Peace Of Mind': Teachers Receive COVID Vaccine Booster Shots In Boston
The rental market is also starting to feel the effects of construction industry that is having trouble matching the demand for inventory.READ MORE: Kim Janey Endorses Michelle Wu In Boston Mayoral Race
“We are seeing a steady increase in demand for starter homes, and with challenges such as labor shortages, rising materials costs and supply-chain setbacks, the construction industry is unable to keep up, many are turning to renting as a solution,” said association president Steve Medeiros in a statement. “For the first time in about a year, we’ve seen a rise of inventory and are already seeing an uptick in post-Labor Day listings. With these indicators, we’re optimistic that the fall market will be a busy one and become slightly more buyer friendly.”MORE NEWS: Gov. Baker Calls For Action Towards Ending Nurses' Strike At St. Vincent Hospital
The national median rent has risen 11.4% this year, per Apartment List.