Low levels of inventory in Putnam continued to stifle sales in the second quarter, even while pushing prices up to post‑correction highs. Sales of houses were down over 4% for the quarter, and now down almost 2% for the year, reflecting the lack of available supply on the market. But high levels of demand, coupled with that low inventory, continued to drive price appreciation, with house prices now up over 4% on average and almost 5% at the median for the rolling year. The condo market was even more robust, with sales and prices up sharply. Going forward, we believe that inventory will stabilize as sellers come into the market to take advantage of rising prices, but that we will continue to see strong sales and rising prices at least through the end of the year.
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