Massachusetts home sales drop to nearly two-and-a-half-decade low

Despite a slowly recovering economy, home sales in Massachusetts have continued to drop. According to a recent report by the Warren Group, home sales in the state reached their lowest point since 1987 in February.

The 24-year-low also represented a 16 percent drop year-over-year from February 2010, according to the source.

When divided by property type, the median price for a condo fell to $225,000 - an 18 percent drop - while the median home price for single-family properties fell by 5.5 percent to $255,000.

Some believe the weather may be to blame for the dismal home sales numbers.

"While only remnants remain of the multiple feet of snow we had in December and January, the impact on home sales was evident in February," Laurie Cadigan, the president of the Massachusetts Association of Realtors told the Boston Globe.

However, some experts continue to say that the market is stabilizing. A number of other housing markets across the country expect to see sales pick up in the spring.
 

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