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August 2023 Housing Report

As we dissect the latest data, two central themes dominate the narrative this month.

Interest Rates and Affordability: A marked surge in interest rates, now hovering around 7%, has struck the housing market with a force we haven't witnessed since 2002. The combination of market appreciation and this significant rate jump – from 3% just two years ago – has caused the average mortgage payment to be 85% more expensive for the same house. This has deep ramifications on affordability, potentially locking out a segment of previously qualified buyers.

Inventory Squeeze and Demand Dynamics: While price appreciation has found its equilibrium, returning to a normal pace, the lack of inventory continues to resonate not just in Greater Boston but across New England and nationwide. A notable reduction in multi-family sales by 32%, single family sales by 25%, and condo sales by 23% year-to-date has tightened the market further. Yet, the demand for homes remains unrelenting and intense, highlighting the resilient nature of our real estate market.

In a complex environment where interest rates challenge buyers and inventory remains constrained, the housing market in Greater Boston echoes a broader national trend. We continue to see the keen interest in homeownership, even as certain barriers make it a challenging landscape to navigate.

The following are location-specific overviews of market changes year-over-year, for a sampling of neighborhoods in the Greater Boston Area. Don't see your town listed? Contact me for a custom report!

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