Homes sales up in Vermont, prices down
Home prices fell across New England last month, especially in Vermont, where homes on average sold for 15.4 percent less than they did in 2011. However, total homes sold increased in every state except for Connecticut, according to The RE/MAX of New England February Monthly Housing Report.
The RE/MAX report indicates that the increase in home sales further reduces the inventory of homes on the market. Massachusetts, Rhode Island, Maine and New Hampshire all experienced a significant increase in sales, while Vermont and Connecticut remained relatively flat. Year-over-year, every state in New England saw average home prices fall, however.
“Increased sales across New England indicates a strengthening market,” said Jay Hummer, Executive Vice President, RE/MAX of New England. “With the Obama Administration reporting that we’re seeing the lowest national inventory of homes for sale since 2006, we should see pricing start to adjust accordingly.”
This should be good news for Vermont. The state has had the third highest home prices in New England over the last few years, behind only Connecticut and Massachusetts, but has fallen significantly over the last couple of months and is now only ahead of Maine.