For the second month in a row, prices for single-family homes and condos in Massachusetts set new records in March, according to a new Warren Group report. 

The continued growth of median sales prices, which showed no signs of slowing down, coincided with significant declines in activity in the Bay State. 

The statewide median single-family home price grew 4.9% to $540,000, up from $515,000 last year, marking a new all-time high for March. That price growth, however, came with fewer sales.

The Warren Group’s March sales report found that Massachusetts single-family home sales fell 23.4% to 2,756 from 3,600 a year ago.

Cassidy Norton, associate publisher and media relations director of the Warren Group said those single-family home sales marked the fewest transactions in March since 2011. 

“A lack of inventory across Massachusetts continues to be the biggest factor in the declining sales volume,” Norton said. “But, when paired with rising interest rates and uncertainties about the economy, we can expect to see similar trends as the spring housing market starts to heat up.” 

Since January, 7,184 homes sold, down 26.2% from the first three months of 2022. During the same period, the year-to-date median single-family home price rose 2.2% to $510,000.

Meanwhile, the median condominium sale price increased 7.5% to $500,000 in March. Yet, condo sales posted another decline last month, falling 22% from last year to 1,525.

“Once again, the condo market followed almost identical trends as the single-family market,” Norton said. “However, with rising interest rates and single-family home prices setting new records, condos might be a slightly more affordable option for homeownership for prospective buyers across Massachusetts.” 

So far this year, 3,720 condos sold across the state, down 24.9% from 2022, with a median sale price that’s up 6.7% to $480,000.