The median sale price of single-family homes and condominiums in Massachusetts broke new records in August despite double-digit declines in activity, according to a new Warren Group report. 

The median single-family sale price increased 6.2% to $600,000 in August, a new high for the month. Last month, 5,753 single-family homes sold in the Bay State, down 23.6% from 4,397 in August 2022.  

“The hits keep coming for prospective homebuyers in Massachusetts,” said Cassidy Norton, associate publisher and media relations director of the Warren Group. “The shrinking single-family inventory continues to push prices to new highs. Couple this with the fact that interest rates are nearly double where they were a year ago, and the homebuying process is becoming more complicated – and expensive – for buyers.”

Since January, 27,055 homes have sold, down 24.4% from the first eight months of 2022. During the same period, the median single-family home price rose 2.7% to $570,000.

As has been the case all summer, condo prices and sales activity followed similar trends. Sales fell 17.4% to 1,871 transactions, compared to 2,266 last August. Meanwhile, the median sale price increased by 9.4% to $525,000. 

“While year-over-year condo sales experienced a notable decline of 17.4%, a testament to the evolving dynamics of the real estate landscape, the median condo price tells a different story,” Norton said. “Historically, condos have been a more affordable alternative to single-family homes, but with median prices soaring to a new all-time high of $525,000 for the month of August, homeownership will continue to elude many buyers.” 

So far this year, 13,131 condos sold across the state, down 21.6% from 2022, with a median sale price that’s up 4% to $520,000.