Median home and condo sale prices reached new highs for October last month, spurred by inventory falling far below historical norms, according to a new Warren Group report. 

October single-family home sales fell 16.9% from last year to 3,515, marking the lowest sales for the month since 2011. Meanwhile, the median single-family sale price increased 10.6% to $570,000, a new high for the month. 

“Home sale prices in October climbed to the highest they’ve ever been during this time of year,” said Cassidy Norton, associate publisher and media relations director of The Warren Group. “However, the number of homes sold was the lowest it’s been in 11 years. Inventory is far below historical norms, and limited choices make it more difficult to find a home. And record high prices paired with rising interest rates make the task of buying a home that much more formidable.”

Since January, 34,515 homes have sold, down 23.9% from the first 10 months of 2022. During the same period, the median single-family home price rose 3.6% to $570,000.

Similarly, condo sales fell, while prices rose last month.

Condo sales dropped 9.4% to 1,562 transactions, compared to 1,725 last October. Meanwhile, the median sale price increased by 4.4% to $500,000, also marking a new high for October.

“Massachusetts condo prices soared to a record high in October, setting a new benchmark. Condos previously offered a more affordable purchase option; arguably, at just $75,000 less than a single-family home, those times are over,” Norton said. “Condo ownership also comes with benefits such as shared maintenance responsibilities, amenities and a sense of community, offering a different kind of homeownership experience for families in the Bay State.”

So far this year, 64,362 condos sold across the state, down 19.7% from 2022, with a median sale price that’s up 4.9% to $515,500.