The Masssachusetts realtors have this August report. "Sales of single-family homes and condominiums declined in Massachusetts for a fifth consecutive month in August compared to the same period a year ago, while downward pressure continued to be applied to selling prices due to softening demand and a steady gain in the supply of unsold homes, according to data issued today by the Massachusetts Association of Realtors."

"In the detached single-family home market, sales fell 21.6 percent, from 5,395 homes sold in August 2005 to 4,229 this August. Last month’s sales total is the lowest August home sales volume in over a decade, dating back to August 1995. Additionally, condo sales decreased 18.5 percent in the past year."

"'The market has lost some steam simply because many buyers are waiting to see if prices will go lower, while sellers have been reluctant to adjust prices and, in many instances, are choosing to delay their home search until they have been able to reach agreement on the sale of their own home,' said MAR President David Wluka."

"Indicative of these market realities, the report found that inventory levels continued to increase in August, from year ago levels. The number of residential listings rose 20 percent over the past 12 months, from 53,877 homes and condos on the market in August 2005 to 64,735 homes and condos for sale this past August."

"'Until supply and demand are in better balance, we will continue to see modest price corrections,' stated Wluka."

"Indeed, with the inventory of homes and condos for sale still near record levels and properties staying on the market longer this year, downward pressure on prices continued to intensify last month. Across the state, the median selling price for detached single-family homes declined 6.1 percent in August, from a record high median of $375,000 in August 2005 to $352,000 last month. It’s the largest annual price decline since January 1993."

"Separately, in the condo market, the median selling price slid 3.3 percent in the past year, from $287,500 last August to $278,000 in August 2006."

"We’re now in the midst of the strongest buyer’s market since the late 90s,' Wluka noted. 'Up until the last several weeks there’s been little reason to act with a sense of urgency, but with mortgage rates back below 7 percent, sellers more readily willing to adjust prices, and inventory still plentiful, buyers would do well to jump in the market and negotiate hard.'"

From the talking points. "Single-family home sales have now decreased in the Bay State for 10 of the last 11 months compared to the same period a year earlier. The slower sales pace reflects the fact that many buyers are attempting to 'time the market,' waiting for the right moment to buy. Many continue to hold out for lower prices, believing a larger market correction may come."

"The supply of single-family homes on the market rose for an 18th consecutive month in August. Inventory, as stated in months of supply, also rose from 7 months last August to 10.4 months of supply in August 2006."

"The number of condos for sale has increased 28.4 percent in the past year, from 16,211 units last August to 20,807 in August 2006. Inventory, as stated in months of supply, also has risen in the past year, climbing to 9.9 months of supply this August from 6.3 months of supply in August 2005."

"The median home price has declined for seven consecutive months, the longest such period since prices fell for 13 straight months from March 1992-March 1993."

From the Warren Group. "The Massachusetts housing market slumped again in August as the number of single-family home sales fell by 19.8 percent and the median home sale price dropped by 8 percent, according to a report released today by The Warren Group."

"'The August numbers show that the market slowdown is taking hold and shows no sign that it is going to turn around anytime soon,' said CEO Timothy Warren Jr. 'We are clearly going through a market correction that is long overdue, considering the 10 years of unbridled sales and price increases Massachusetts has experienced.'"

"'In the long run this may be healthy for the Massachusetts economy, making its housing more affordable and the pricing more competitive with other areas of the country. This could help the Commonwealth attract new jobs and retain its existing employment base,' he said."