Closed home sales in Massachusetts surged 12% last month, while the median sale price of a single-family home increased by 6%, marking a strong start to the summer market, according to the Massachusetts Association of Realtors (MAR) June market report. 

However, new listings continue to pose a challenge, declining 14.1% last month, the first drop since December.

Closed sales and the median sales price for single-family homes saw month-over-month increases from March to June. MAR said cautious sellers are reluctant to leave their existing mortgages due to current interest rates and limited housing stock. Those factors are hurting the housing affordability index. 

“We’re still continuing to see high levels of buyer interest, and market competition remains strong for the available inventory,” said Amy Wallick, 2024 president of MAR and sales agent at Lamacchia Realty. “In order to help Massachusetts residents achieve the American dream of home ownership, we need to see an increase in housing production and sellers entering the market to help alleviate the burden on prospective buyers looking for a home.” 

Last month, the median sale price for a single-family home in Massachusetts increased by 7.7% from June 2023 to $699,900, while new, single-family home listings grew 10.1%.

June also saw robust performance in the condo market, where the annual median sale price rose 5.5% to $580,000, and new listings grew 7.5% from last year.

Closed sales were a different story, decreasing from last year by 9.8% for single-family homes and 14.4% for condominiums.