Home sales in the Bay State fell in January even as median prices continued to rise.

Both single-family home and condominium sales fell last month from 2021, as median sale prices again hit new highs, according to a new report from The Warren Group. 

The Warren Group’s Massachusetts Sales Report for January found single-family home sales fell 8.9% to 3,509 from 3,853 a year ago. 

The median sale price marked an all-time high for January, up 10.7% from 2021 to $495,000 from $447,000 in January 2021. It also was the first time the statewide median sale price fell below $500,000 since March of 2021. 

Tim Warren, CEO of The Warren Group, said while single-family home sales dropped in January, it’s important to look at the whole picture. 

“In January 2021, there were 3,853 single-family transactions, which was the most transactions we’ve seen since January 1999,” he said. “This makes the 8.9% decrease between January 2021 and January 2022 rather modest. In fact, the number of sales has fallen anywhere from 6% to 21% in each of the past six months. Demand for homes remains strong, but the inventory of homes for sale at year-end was 50% of what it was a year ago. Consequently, prices continue to rise by double digits.”

Condominiums followed similar trends to single-family homes last month. January condominium sales also fell, down 14.9% to 1,442 from 1,695 a year prior. January also had the fewest transactions on record for that month since 2019.