SPRINGFIELD, Mass. (WWLP) – The Realtor Association of the Pioneer Valley has released its report on the housing market in August. Home closings have decreased however, they’re still selling for more money compared to August 2020.
Closing sales in August this year were down 4.5% over August 2020 with 590 homes sold in Franklin, Hampden and Hampshire Counties. The median sale price for those homes was $295,000, which is about 15.4% higher than last year.
The inventory of available homes for sale in August were down 34% with 961 on the market versus 634 homes on the market in August 2020.
- Closed Sales: 590
- Median Price: $295,000
- Closed Sales: 588
- Median Price: $305,000
Homes are being grabbed quicker as well. The average time on the market dropped by 41.2% year-over-year, down to just 28 days.
A 30-year mortgage averaged at 2.84% with an average .7 points for the last week of August. According to the report, a 30-year mortgage averaged 2.94% with an average .8 points in August 2020.