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Mass. moving activity takes a hit in August

October 4, 2010 - Moving activity in Massachusetts slowed to record lows in August, as home sales for that month reached their lowest levels in two decades.

There were 3,659 single-family homes sold in the Bay State in August, down 18.5 percent from the 4,492 that were recorded in August 2009, reported the Warren Group. It was the second straight month where home sales have experienced year-over-year declines and represents the lowest sales volume for any August since the trade group began tracking the data in 1987.

Still, year-to-date home sales could indicate Massachusetts' popularity as a relocation destination. There have been 28,567 homes sold so far this year, up from 26,124 from this time last year. But experts were troubled to see moving activity in the state slow so severely.

"Sales volume in the real estate market remains slow as an after-effect of the expiration of the popular tax credit for homebuyers," said CEO Thomas Warren. "Anxiety and uncertainty in the minds of consumers regarding rising foreclosures, the economy, jobs and financial markets all played a role in keeping potential homebuyers on the sidelines this summer."

Even so, the Bay State's jobs market keeps it atop many moving family's list of desired locations. The state's unemployment rate is just 8.8 percent, well below the national average of 9.6 percent, according to the Bureau of Labor Statistics.
 

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