Boston: “Soft” Housing Sales in January due to Lack of Inventory

From the Greater Boston Association of REALTORS® (GBAR): Greater Boston Housing Market Feels Effects of Low Inventory, Sales Soften and Price Appreciation Slows in January

Sales of single-family homes and condominiums declined from year ago levels for a second consecutive month in January as inventory levels waned and mortgage rates rose, which compounded seasonal softening in buyer activity. …

“We’ve got very little to sell. In some communities, you can count on one or two hands the number of properties available for sale over the past month,” stated GBAR President Melvin A. Vieira, Jr., an agent at RE/MAX Destiny in Cambridge. “The appetite to buy is still quite strong, but the reality is it can be a lengthy process when there is little to choose from. The lack of listings remains the biggest drag on sales right now, but there is increasing anxiety over the rise in mortgage rates, and that’s going to affect buying power and possibly the size of the buyer pool going forward,” he noted.

This is a common complaint amoung agents. Inventory levels are near record lows almost everywhere.