For the second month in a row, Massachusetts median single-family home prices remained above $500,000.

A new report from The Warren Group found fierce buyer demand in May pushed the median price of both single-family homes and condos to new highs.

The median price of a single-family home saw a 23.5% spike from a year earlier to $525,000.

The increase marked the second month in a row the median home price surpassed $500,000. There were 5,139 home sales in May, an increase of 28% from May 2020. When compared to May 2019, however, home sales were down 9.7%.

“You might think that the most interesting data point is that statewide, the median price is up more than $115,000 on a two-year basis, but what I’m more interested in is that sales dipped almost 10% from May two years ago,” Warren Group CEO Tim Warren said in a press release. “I’ve been saying for quite a while that it’s only a matter of time before demand wouldn’t be able to keep up with supply, and this could be the first time we have a concrete data point indicating it’s coming to fruition. As inventory continues to dwindle, we’ll continue to see declining sales and inflated prices in the coming months.”

Buyer demand was also strong in the condo market in May, driving up the number of sales and pushing the median sale price to a new high. 

There were 2,723 condominium sales in May, a 94.6% increase from a year ago. Compared to 2019, sales were up 6.5%. The median sale price increased 20.8% year over year to $490,000. That increase marked the 10th consecutive month the median condo price was more than $400,000. When compared to May 2019, the median price was up 22%. 

“Condos continued to rebound in May as life in urban centers continued to get back to normal,” Warren said. “If activity in the condo market continues at this clip, I fully expect the median sale price of both single-family homes and condos to surpass $500,000 in the coming months, which would be a first.”