Single-family home sales in Massachusetts were flat last month as median home sale prices reached a new high, according to a new Warren Group report.

Coming off January’s double-digit home sale growth, February home sales remained flat from last year with 2,042 sales. Meanwhile, the median single-family sale price spiked 10% to $548,250, a new high for the month.  

“A lack of inventory is the biggest factor driving these trends, and with fewer and fewer homes hitting the market, we can fully expect to see more recording-setting prices paired with a low sales volume in the coming months,” said Cassidy Norton, associate publisher and media relations director of the Warren Group. 

Since January, 4,438 homes have sold, up 0.1% from the first two months of 2023. During the same period, the median single-family home price rose 10.2% to $550,000.

The Bay State condominium market had a different story to tell with more sales. 

Condo sales rose 5.8% to 1,076 transactions, compared to 1,017 in February 2023. Meanwhile, the median sale price increased 6.5% to $490,000, also marking a new high for the month. 

While condo sales had that 5.8% increase year over year, Nortno said activity is still nowhere near what we saw even two or three years ago. 

“Record high prices and high interest rates are likely a big factor in the long-term decline in activity, and prospective buyers shouldn’t expect much relief in the near future,” she said. 

So far this year, 2,051 condos sold across the state, down 6.5% from 2023, with a median sale price that’s up 6.4% to $499,900.

The Greater Boston Market

The Warren Group’s report also included activity in the Greater Boston housing market, which encompasses the 139 communities located within Route 495.

Greater Boston single-family home sales in February fell 2.7% from 2023 to 888. Meanwhile, the median single-family sale price increased 11.9% to $693,750.

Condo sales in Greater Boston increased last month 8.8% to 776 transactions, compared to 713 in February 2023. The median sale price increased year over year by 5.7% to $570,500.