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Closed home sales in Massachusetts surged 12% last month, while the median sale price of a single-family home increased by 6%, marking a strong start to the summer market, according to the Massachusetts Association of Realtors (MAR) June market report.
However, new listings continue to pose a challenge, declining 14.1% last month, the first drop since December.
Closed sales and the median sales price for single-family homes saw month-over-month increases from March to June. MAR said cautious sellers are reluctant to leave their existing mortgages due to current interest rates and limited housing stock. Those factors are hurting the housing affordability index.
“We’re still continuing to see high levels of buyer interest, and market competition remains strong for the available inventory,” said Amy Wallick, 2024 president of MAR and sales agent at Lamacchia Realty. “In order to help Massachusetts residents achieve the American dream of home ownership, we need to see an increase in housing production and sellers entering the market to help alleviate the burden on prospective buyers looking for a home.”
Last month, the median sale price for a single-family home in Massachusetts increased by 7.7% from June 2023 to $699,900, while new, single-family home listings grew 10.1%.
June also saw robust performance in the condo market, where the annual median sale price rose 5.5% to $580,000, and new listings grew 7.5% from last year.
Closed sales were a different story, decreasing from last year by 9.8% for single-family homes and 14.4% for condominiums.
Technology
A new Tufts University study finds that Massachusetts is the most vulnerable state in the nation to job disruption from artificial intelligence — a shift researchers say could reshape the state’s workforce and economy.
The report, “Will Wired Belts Become the New Rust Belts? AI and the Emerging Geography of American Job Risk,” released in March, estimates that 7.35% of jobs in Massachusetts are at risk of displacement in the near term due to artificial intelligence, the highest among U.S. states. Boston, one of the nation’s leading innovation hubs, is also among the most exposed cities, with an estimated $20 billion in annual income losses tied to AI-driven job disruption.
“The jobs loss will be among more educated, typically higher-paying jobs,” said Christina Filipovic, head of research at Digital Planet, the research center at Tufts’ Fletcher School that completed the study. That distinction marks a stark departure from past waves of automation, which primarily displaced lower-wage, manual labor workers.
The report finds that AI exposure — or how much AI tools can reach or influence a job — is highest in occupations centered around data, analytical or language-based skills, and cognition — the same kinds of knowledge work that dominate Boston’s economy.
AI job vulnerability, by comparison, goes a step further: it measures how likely AI exposure will lead to job loss or major restructuring.
Highly vulnerable roles in Greater Boston include: software developers, market research analysts and marketing specialists, management analysts, and customer service representatives. Software developers alone could see more than 12,700 jobs affected in the Greater Boston region.
Bhaskar Chakravorti, dean of global business at The Fletcher School, describes the moment as a paradox: “The occupations that are seeing the greatest productivity boosts are also the occupations that are seeing the greatest job risk, and Boston is high in all those areas,” he said.
“Boston is really interesting. It’s almost a Petri dish for how AI is going to increase productivity and also potentially change the way people do work and maybe displace a certain proportion of people,” Chakravorti said.
On the other end, jobs least exposed to AI include roles like cement masons and concrete finishers, cooks, ship engineers, and ambulance drivers — positions that rely more on physical labor than cognitive tasks.
Researchers point to the structure of Massachusetts’ economy as a key reason for its high exposure. The state’s concentration of universities, tech firms, and innovation mean a large share of workers are employed in highly educated, knowledge-based roles susceptible to AI.
“In addition to the high education levels, Boston in particular is such an innovative city … a lot of the tech industry that’s in the area makes Massachusetts a bit more vulnerable,” Filipovic said.
Chakravorti added that the region’s role as a hub for education and research puts it at the center of the transition.
“Boston right now is at the cutting edge of figuring out how much AI to use in the classroom in order to prepare students for jobs that are going to include and involve AI,” he said.
The implications of AI’s arrival extend far beyond Massachusetts.
The report estimates that nationwide, between 9.3 million and 19.5 million jobs are at risk of being replaced by AI, with up to $1.5 trillion in annual income loss.
The report identified a group of “Wired Belt” regions — including cities like Philadelphia, Atlanta and Phoenix — that could face similar job disruptions.
“In many ways, Boston is a canary in the coal mine, and we’ll see similar things playing out in knowledge-intensive cities,” Chakravorti said.
The researchers say the goal of the report is not just to measure risk, but to prompt legislative and societal action.
“What we were most curious about was the nature of job loss … and then also to help policymakers at various levels figure out what the best path is forward,” Filipovic said.
Chakravorti was more blunt about the urgency for the city and state to meet the moment.
“We are watching this hurricane hit us … and we are largely sitting on our hands in terms of doing something about it,” he said.
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PITTSFIELD, Mass. — The women said they were frightened, but they didn’t show it Wednesday in a Massachusetts courtroom as they watched the teacher who allegedly preyed on them when they were students at the posh Miss Hall’s School plead not guilty to rape.
There is a heavy police presence in a section of Tewksbury, Massachusetts, on Wednesday afternoon due to what authorities are describing only as an “ongoing incident.”
“There is currently a heavy police presence on Salem Road due to an ongoing incident,” Tewksbury police said in a social media post just before 1 p.m. “Motorists are advised to avoid the area and seek alternate routes if possible. Please allow emergency personnel the space they need to respond safely and efficiently”
No further details were released. Police said they will provide updates as more information becomes available.
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