Median home and condo prices in the Bay State reached new highs for November last month, despite sales activity declining by double digits from 2022, according to a new Warren Group report.

November single-family home sales fell 10.6% from last year to 3,447, marking the lowest sales for the month since 2011. Meanwhile, the median single-family sale price increased 8.4% to $579,900, a new high for the month. 

Cassidy Norton, associate publisher and media relations director of the Warren Group said market conditions and trends — low inventory and high demand — remained relatively unchanged in November. 

“I don’t expect the pressure building behind this pent-up demand to be relieved this year; I think we can expect to see more of the same in the coming months due to elevated interest rates,” Norton said. “However, the Federal Reserve has indicated it intends to reduce interest rates in 2024, which may help relieve some of that pressure.”

Since January, 37,629 homes have sold, down 22.9% from the first 11 months of 2022. During the same period, the median single-family home price rose 4% to $572,000.

Condominium activity was nearly “lockstep with single-family trends in November,” Norton said. 

Condo sales dropped 10.3% to 1,487 transactions, compared to 1,658 last November. Meanwhile, the median sale price increased by 5.3% to $500,000, also marking a new high for November.

“Condo sales were down by more than 10% on a year-over-year basis while median sale prices reached new all-time highs for the month,” Norton said. “However, when looking at condo trends over the last three months, there may be a glimmer of hope for prospective buyers, as the median sale prices appear to have plateaued. The median condo price has now been at $500,000 for the last three months.” 

So far this year, 17,849 condos sold across the state, down 19% from 2022, with a median sale price that’s up 4.7% to $512,900.