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Median Home Sale Prices Drop Again In Massachusetts

BOSTON (CBS) -- The red-hot housing market in Massachusetts continues to show signs of cooling off. The Massachusetts Association of Realtors said Tuesday that the median price for a single-family home in the month of August was $552,000.

While that's up more than 12% from the year before, it'a dip from $560,000 in July and an all-time record of $578,500 in June.

The rental market is also starting to feel the effects of construction industry that is having trouble matching the demand for inventory.

"We are seeing a steady increase in demand for starter homes, and with challenges such as labor shortages, rising materials costs and supply-chain setbacks, the construction industry is unable to keep up, many are turning to renting as a solution," said association president Steve Medeiros in a statement. "For the first time in about a year, we've seen a rise of inventory and are already seeing an uptick in post-Labor Day listings. With these indicators, we're optimistic that the fall market will be a busy one and become slightly more buyer friendly."

The national median rent has risen 11.4% this year, per Apartment List.

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