HOUSING UPDATE
The final score for 2007 is in. December condominium sales in Massachusetts plunged 28 percent compared to December 2006; single-family home sales dropped 20 percent during the same period, according to the Massachusetts Association of Realtors. With homes and condominiums staying on the market longer, residential sales for 2007 declined 4.4 percent, according to the report. Single-family home sales were down 4.3 percent from 43,379 in 2006, to 41,510 in 2007. Condo sales declined 4.4 percent, from 20,747 in 2006, to 19,379 in 2007. The median price for a single-family home declined 1.3 percent to $345,500, while the median price for condos increased 2.5 percent to $282,000. The 2007 median price was down nearly 8 percent from the peak median price of $375,000 in July-August 2005, but up almost 24 percent from 2002.

(from Cape Business Publishing Group's BUSINESS TRENDS NEWSLETTER, 1/30/2008)