The RE/MAX of New England April Monthly Housing Report shows that Vermont homes sales and median price were both down in April. Meanwhile, pending home sales in New England are up on average 15.4 percent over April 2013. Inventory in every state except Vermont shows a decrease year-over-year. Overall home sales in New England show an increase of 14.4 percent month-over-month, an expected trend in the spring market.
In Connecticut, the number of total transactions is down -7.5percent year-over-year and median price decreased -2.7percent. Pending sales were up 27.5percent year-over-year, the highest in the region.
Massachusetts showed a decrease of -4.5percent in total transactions year-over-year. The median price increased 5.0percent. Pending sales were up 15.5percent over April of 2013.
In New Hampshire, home transactions decreased -7.9percent year-over-year, and median price rose 2.6percent. Pending sales were up 5.3percent year-over-year.
Rhode Island home transactions fell -5.3percent, while median price increased 11.9percent. Pending sales were down -5.3percent year-over-year.
Vermont showed a decrease in total transactions, down -7.1percent, while median price decreased -2.0percent. Pending sales were up 7.5percent year-over-year.
The New England housing market experienced an average year-over-year sales drop of -5.9 percent. This is the fourth consecutive month of year-over-year declines in 2014. However, median prices were up in every state except Connecticut and Vermont. Month-over-month, the spring market produced an uptick of 14.4percent in home sales and pending sales were up 37.2percent.
“It’s encouraging that pending sales are strong across New England,” said Dan Breault, EVP/Regional Director of RE/MAX of New England. “In Massachusetts, we’re seeing an uptick of almost 48percent, and in Connecticut, it’s 43percent. Homes are also spending less time on the market – an average of 117 days, down -3.8percent over the previous month.”