Cambridge Association of REALTORS® MLS® home sales fall below average, new listings rise to new record in June
The number of homes sold through the MLS® System of the Cambridge Association of REALTORS® totaled 191 units in June 2022. This was a substantial decline of 33.4% from June 2021.
Home sales were 20.6% below the five-year average and 21.4% below the 10-year average for the month of June.
On a year-to-date basis, home sales totaled 1,202 units over the first six months of the year. This was a large decline of 26.6% from the same period in 2021.
“Home sales continue to moderate in the face of rising interest rates, and we expect this trend to continue through most of the remainder of the year with more rate hikes on the horizon,” said Val Brooks, President of the Cambridge Association of REALTORS®. “New listings have done an about-face from the beginning of the year and are now coming onto the market at a rapid pace, setting a new record for the month of June. While overall inventories are sitting at historically subdued levels, they have lifted off from rock bottom and now stand back where they were at roughly the same time last year.”
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $808,100 in June 2022, an increase of 9.7% compared to June 2021.
The benchmark price for single-family homes was $824,100, a moderate gain of 7.8% on a year-over-year basis in June. By comparison, the benchmark price for townhouse/row units was $781,200, increasing by 22% compared to a year earlier, while the benchmark apartment price was $584,800, a gain of 29% from year-ago levels.
The average price of homes sold in June 2022 was $795,299, increasing by 5.6% from June 2021.
The more comprehensive year-to-date average price was $914,623, a gain of 20.3% from the first six months of 2021.
The dollar value of all home sales in June 2022 was $151.9 million, down sharply by 29.7% from the same month in 2021.
The number of new listings saw an increase of 19.6% from June 2021. There were 402 new residential listings in June 2022. This was also the largest number of new listings added in the month of June in history.
New listings were 18.8% above the five-year average and 20.7% above the 10-year average for the month of June.
Active residential listings numbered 293 units on the market at the end of June, a jump of 83.1% from the end of June 2021.
Active listings were 8% above the five-year average and 19.7% below the 10-year average for the month of June.
Months of inventory numbered 1.5 at the end of June 2022, up from the 0.6 months recorded at the end of June 2021 and on par with the long-run average of 1.5 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
Board & Association Information
Founded in 1953, the Cambridge Association of REALTORS® Inc. is an Association of well-trained and educated REALTORS® who provide real estate related services to Cambridge and surrounding communities.
The Cambridge Association of REALTORS® Inc. promotes its Members' professionalism and dedication to building a strong community through homeownership and quality investments.
Cambridge Association of REALTORS®
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