{"id":3296,"date":"2022-03-31T07:02:21","date_gmt":"2022-03-31T07:02:21","guid":{"rendered":"https:\/\/linksus.net\/could-the-spring-market-bring-good-news-for-massachusetts-first-time-homebuyers-boston-agent-magazine\/"},"modified":"2022-03-31T07:02:21","modified_gmt":"2022-03-31T07:02:21","slug":"could-the-spring-market-bring-good-news-for-massachusetts-first-time-homebuyers-boston-agent-magazine","status":"publish","type":"post","link":"https:\/\/linksus2.linksus.net\/index.php\/2022\/03\/31\/could-the-spring-market-bring-good-news-for-massachusetts-first-time-homebuyers-boston-agent-magazine\/","title":{"rendered":"Could the spring market bring good news for Massachusetts first-time homebuyers? – Boston Agent Magazine"},"content":{"rendered":"

Today’s Top News: Could the spring market bring good news for Massachusetts first-time homebuyers?<\/a>
by Liz Hughes
As the spring market approaches, declines in median sales and inventory could mean good things for first-time homebuyers, according to a new <\/span>Massachusetts Association of Realtors report<\/span><\/a>. <\/span>
The market\u2019s busy season is almost here and is expected to bring more inventory, good news considering February didn\u2019t give first-time homebuyers much of a chance. <\/span>
National Association of REALTORS\u00ae Chief Economist Lawrence Yun said a majority of the current and prospective housing supply is at the higher-priced end of the market. First-time homebuyers looking at properties on the lower end of the market are often out-bid due to the shortage of starter homes and high demand. <\/span>
NAR says rising mortgage rates are what\u2019s rushing buyers to make a move in the hopes of locking in rates before they rise again. <\/span>
\u201cWhile we\u2019ve seen a decline in new listings this winter, the busy spring season will undoubtedly bring more inventory and a slowdown in median price, which could open up the market for first-time homebuyers,\u201d said Dawn Ruffini, 2022 president of MAR and Realtor at RE\/MAX Connections. \u201cSpring is also when new construction starts to come online, supplementing the existing inventory.\u201d<\/span>
Last month, the <\/span>median price<\/span><\/a> for a single-family home was up 8.5% year over year to $500,000, but down from January\u2019s $520,000. Single-family home listings, meanwhile, were down 5.5% compared to the previous year. <\/span>
Condominium prices<\/span><\/a> also rose in February, to $446,750, up 4.1% from 2021, but dropped from January\u2019s $450,000. Similar to single-family home listings, condominium listings fell 6.3% compared to last year. <\/span>
The report also found single-family closed sales fell 16.3% compared to last year, while closed condo sales dropped 15.9%. <\/span>