The Massachusetts realtors have the April numbers out. "Housing demand continued to ease across the Bay State last month as rising mortgage rates, higher energy prices, and a steady increase in the inventory on unsold homes led to a slower sales pace for single-family homes and condominiums in April, according to a report released today by the Massachusetts Association of Realtors."

"Sales of detached single-family homes fell to their lowest April level in five years, declining 9.9 percent over the past year from 3,628 homes sold in April 2005 to 3,268 this past April, while condo sales decreased 10.3 percent over year ago levels."

"The more deliberate approach on the part of buyers is evident from the larger inventory level and longer listing time witnessed this April. Over the past year, the number of detached single-family homes and condominiums listed for sale has increased by 38.6 percent, from 47,066 properties on the market in April 2005 to 65,232 this April."

From the Talking Points. "The 3,268 homes sold last month is the lowest April sales total in five years, dating back to April 2001 when 3,217 detached homes were sold. Historically, however, April 2006 ranks as the tenth busiest on record for home sales during the month of April, an indication that sales activity has merely returned to more normal levels."

"The 5 percent decline in home sales between March and April is unexpected and is further evidence of today’s strong buyer’s market, in which buyers are exhaustively searching the market for the right property and refusing to spend beyond their budget."

"The last time sales fell from March to April in Massachusetts was more than a decade ago, in 1995, when sales declined 23.3 percent from March to April, following the implementation of strict, new Title 5 septic regulations."

"The supply of detached single-family homes on the market rose for a 14th consecutive month in April, climbing 30.4 percent over the past year from 32,710 homes for sale in April 2005 to 42,667 this March. Inventory, as stated in months of supply, also rose steadily from 9 months last April to 13.1 months of supply in April 2006."

"The number of condos for sale has increased 57.2 percent in the past year, from 14,356 units last April to 22,565 in April 2006. Inventory, as stated in months of supply has risen, climbing to 13.4 months of supply this past April from 7.6 months of supply in April 2005. In addition, condo listings have increased 9.8 percent from March when there were 20,549 condo units on the market and 11.9 months of supply."

"With demand for condos easing last month, the statewide median selling price for condominiums declined for the first time 88 months in April, sliding 2.5 percent to $268,000 from $275,000 in April 2005. The last decrease in condo prices on a year-to-year basis was in December 1998. The median price of $268,000 is down 6.9 percent from the record high median selling price of $287,900 set in July 2005."

"'The rapid price appreciation of recent years has given way to a period of relative price stability, which is good for buyers since it will allow incomes to catch up with home prices and help offset the recent rise in mortgage rates,' said MAR President David Wluka. 'Today, pricing is more important than ever. Homes priced right are selling, while those that are overpriced are not,' he said."

"Talk of a housing 'bubble' in the local market also prompted some buyers to stop house-hunting all together until just a few weeks ago, and that’s led to some softening in demand."