Mass. home sales slide in Nov.

There was a slight chill in the Massachusetts housing market last month.

November saw the first year-over-year decline in single-family home sales — and the fewest number of monthly sales — since April, driven by a tight supply of available properties and rising interest rates.

Sales fell 2 percent compared to November of 2012, according to data released yesterday by the Warren Group, the Boston publisher of Banker & Tradesman.

The median sales price for single-family homes, meanwhile, climbed 4 percent to $307,000, for the 14th straight month of year-over-year increases.

"The low inventory of homes for sale is affecting the number of sales, because people who are eager to buy are not finding much to their liking," Warren Group CEO Timothy M. Warren Jr. said. And while historically low, interest rates have been rising since May.

Single-family homes for sale as of Nov. 30 numbered 18,428, down 20.6 percent compared to the same month last year — marking the 21st consecutive month of inventory decreases.

And, unlike some buyers during the mid-2000s inventory shortage who purchased homes beyond their financial means, buyers today aren't willing to make that leap, according to MAR president Kimberly Allard-Moccia, broker-owner of Century 21 Professionals in Braintree.

"They're not interested in repeating past mistakes, and the lending requirements are far more strict now," she said. "Even if a buyer wanted to overpay for a property, or get involved in a multiple bid situation, their lender may not approve the loan."

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