According to RE/MAX: the effects of record-snowfalls during the first two months of 2015 reverberated throughout New England’s housing market in February. Month-over-month, home sales again reflected the inclement weather with a decrease of 13.5 percent over January’s numbers. Year-over-year, home sales increased by 2.1 percent in the region with 7,817 recorded sales.
Across New England, median prices were on the incline with every state in the region showing modest price appreciation over February 2014’s figures. On average, home prices rose 5.6 percent year-over-year. Most notably, New Hampshire experienced a 10.3 percent increase over February 2014’s numbers and 4.4 percent increase month-over-month.
Throughout the region, pending sales were up 4.5 percent year-over-year and 3.3 percent over January 2015’s numbers.
“The continued, sustained snowfall has been an incredible challenge for the region’s housing market,” said Dan Breault, EVP/Regional Director of RE/MAX of New England. “With parking bans, power losses and dangerous road conditions, many consumers have sidelined their home search, content to wait for warmer weather. Fortunately, spring is just around the corner and with low inventory and rising prices, we anticipate a busy spring season.”
Vermont home transactions were up 7.1 percent year-over-year, while median price increased 5.4 percent year-over-year. Pending sales were up 5.5 percent year-over-year.
In New Hampshire, home transactions increased 0.5 percent year-over-year, and median price increased 10.3 percent, the highest in New England. Pending sales were up 2.2 percent year-over-year.
Maine showed a decrease of 1.2 percent in total transactions year-over-year. The median price increased 5.1 percent. Pending sales were down 4.1 percent.
Massachusetts showed a decrease of 2.3 percent in total transactions year-over-year. The median price increased 7.4 percent. Pending sales were down 9.8 percent over February 2014.
In Connecticut, the number of total transactions is up 6.4 percent year-over-year and median price is up 2.7 percent. Pending sales were up 23.7 percent year-over-year – the highest in New England.
Rhode Island home transactions increased 12.0 percent year-over-year, the highest in New England, while median price increased 2.1 percent. Pending sales were up 15.3 percent year-over-year.