Lowell Deeds

If you read the Boston Globe this morning you know there is more bad news on the real estate front. The article’s headline says it all… “Hopes for Real Estate Revival Wilt”. The article in the business section of the newspaper explains that the sale of single-family homes in Massachusetts fell 9% in May. This decrease is a steeper decline than the one seen in April. Strange enough areas closer to Boston are doing better as are condominium sales. In fact the Realtor’s association figures show the medium price of a condo rose 1.4 percent in May to $290,000. The spring market has not lived up to optimistic expectations even though inventory is down. Normally, shrinking supplies means increased prices, but in this case higher interest rates are beginning have a negative affect the market. Boston Globe reporter Rob Gavin did a nice job on this article. I suggest you check it.