The National Association of REALTORS® reports there has been no price bubble in the Massachusetts housing market

If you're interested in seeing just how the market is doing, here's some interesting data. Despite the fact that we've been experiencing a mild price correction over the last twelve months, the National Association of REALTOR® market analysts are reporting the median home price statewide in September 2006 only dropped by 9% since the peak median price observed back in July and August of 2005. Condo prices on the other hand dropped only 6% in approximately the same time period. Therefore, the data reported in the NAR Home Price Analysis Reports offer little support to the belief that there is or was a “bubble market” here in Massachusetts.

The MAR Second Quarter 2006 Report will show you where we are in terms of home sales and selling prices. Remember, it’s just a guideline and in areas like Martha’s Vineyard and Nantucket the numbers are going to be generally higher.

This graph will take you on a quick trip back to those deadly days in the early 90’s when the Annual Housing Supply in Months in Massachusetts was overflowing.