A glimmer of hope? Boston home values see uptick

The U.S. housing market might be leveling off, following a steep decline in pending home sales brought about by the coronavirus pandemic, according to a Zillow report. Pending home sales nationwide peaked in 2020 during the week ending March 12, and a precipitous drop followed, as cities and states across the country issued stay-at-home orders.

Nationally, sales remain 32.3% below where they were at the same time last year for the week ending April 15. The week-over-week numbers improved, however, up 6.2% for the seven days ending April 19. New listings dropped across the U.S., down as much as 43.8% year over year for the week ending April 17.

They improved marginally over the next couple of days but were still down 37.7% year over year for the week ending April 19. Listings fell by 17.2% in March, while inventory increased 3.3% — possibly a result of the safety precautions imposed to help curb the spread of the virus. The Boston market was hit with a 58% year-over-year decrease in pending sales.

The week-over-week numbers defied the national trend by falling 3.9%. Total listings are down 27.4% and new listings are fell by 34.3%. Prices and home values remained strong nationally. Read More

 

 

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McDevitt Law Group has been helping individuals and small business throughout the Greater Boston area purchase, sell, and finance real estate For nearly 40 years.

Our clients include developers and investors who have trusted us to provide the highest quality legal service and insight for their transactions. We know the ins and outs of commercial real estate and what it takes to make the deal work for you.


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Have a question about Real Estate Law or need a closing attorney?  Fill out the form below or call us at 617-282-7550.

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McDevitt Law Group voted #1 Choice for Attorney - Lawyer Milton, Massachusetts by Wicked Local Readers Choice

 

 

 

 

 

Article From: "Jason Porterfield"   Read full article

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McDevitt Law Group

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McDevitt Law Group strives to provide the highest quality real estate law and estate planning services, and we have for almost 40 years. As a small law firm, we pride ourselves on providing personal attention to your case and providing the highest quality representation. Call us today, or use the contact form below.


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