Vermont home sales showed a slight increase in total transactions in May, up 0.2 percent, while the median price increased 4.7 percent. Meanwhile, pending sales were up 9.3 percent year-over-year. The RE/MAX of New England May Monthly Housing Report overall shows pending home sales in the region are up on average 3.7 percent over May 2013. The New England housing market experienced an average year-over-year sales drop of -8.4 percent. This is the fifth consecutive month of year-over-year declines in 2014. Median prices were up in every state except Connecticut. Inventory in every state except Vermont shows a decrease year-over-year. Overall home sales show an increase of 26.2 percent month-over-month, an expected trend at this time of year.
“We’re seeing sales momentum grow across New England as we hit the warmer weather,” said Dan Breault, EVP/Regional Director of RE/MAX of New England. “Even more encouraging is that homes for sale are sitting on the market for fewer days. That figure is down -8.5 percent year-over-year and - 10.7 percent over last month, as prices generally increased overall across the region.”
In Connecticut, the number of total transactions is down -12.3 percent year-over-year and median price decreased -3.5 percent. Pending sales were up 33.6 percent year-over-year, the highest in the region. Massachusetts showed a decrease of -7.7 percent in total transactions year-over-year. The median price increased 6.5 percent. Pending sales were down -7.6 percent over May of 2013. In New Hampshire, home transactions decreased -5.6 percent year-over-year, and median price rose 7.3 percent. Pending sales were up 5.6 percent year-over-year. Rhode Island home transactions fell -8.8 percent, while median price stayed flat. Pending sales were down -3.7 percent year-over-year.
Source: RE/MAX 6.17.2014