The New England housing market experienced an average year-over-year sales drop of -8.4%, according to The RE/MAX of New England May Monthly Housing Report. This is the fifth consecutive month of year-over-year declines in 2014. However, pending sales were up slightly at 3.7% over May 2013, and median prices were up in every state except Connecticut. Month-over-month, the spring market produced an uptick of 26.2% in home sales and pending sales were up 30.9%. “We’re seeing sales momentum grow across New England as we hit the warmer weather,” said Dan Breault, EVP/Regional Director of RE/MAX of New England. “Even moreencouraging is that homes for sale are sitting on the market for fewer days. That figure is down -8.5% year-over-year and -10.7% over last month, as prices generally increased overall across the region.
In Connecticut, the number of total transactions is down -12.3% year-over-year and median price decreased -3.5%. Pending sales were up 33.6% year-over-year, the highest in the region.
Massachusetts showed a decrease of -7.7% in total transactions year-over-year. The median price increased 6.5%. Pending sales were down -7.6% over May of 2013.
In New Hampshire, home transactions decreased -5.6% year-over-year, and median price rose 7.3%. Pending sales were up 5.6% year-over-year.
Rhode Island home transactions fell -8.8%, while median price stayed flat. Pending sales were down -3.7% year-over-year.
Vermont showed a slight increase in total transactions, up 0.2%, while median price increased 4.7%. Pending sales were up 9.3% year-over-year.
MLS Data not available at this time for Maine.