As inventory of single-family homes in Greater Boston surged by 35.4% year-on-year, median sale prices still climbed to a record high of $930,000. Despite decreasing sales volume, sellers are reluctant to lower their list prices. Historical analysis suggests that sellers facing potential losses often price their homes aggressively, influenced by behavioral economics. Though current sellers aren't experiencing true financial losses as in past downturns, their expectations and market psychology may play a critical role in keeping prices high even amid inventory increases.
Sellers facing real losses exhibited irrational behavior, pricing their homes significantly higher than market expectations, worsening sales, despite rising inventory levels and diminishing volume.
The median sale price for a single-family home reached $930,000 in March, a record high for the month and indicative of persistent list prices amidst rising inventory.
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