The median sale prices for both single-family homes and condos reached new all-time highs last month, as low inventory continues to drive up prices, according to the Warren Group’s June 2024 Sales Report.

Massachusetts’ June single-family home sales were up 8.1% from last year, as the median price reached $665,000, setting a new record.

Cassidy Norton, associate publisher and media relations director of the Warren Group, said it wasn’t that long ago that it seemed like a long shot for the median single-family home price to exceed $600,000, and now it’s approaching $700,000. 

“A lack of inventory is clearly driving this record-setting appreciation,” Norton said. “Despite these record prices, higher mortgage interest rates have actually slowed price growth — the median may have been even higher without those changes — but it has also contributed to low inventory.” 

Meanwhile sales fell in June, as inventory continues to impact the home search. 

Last month saw an 8.9% decrease in single-family home sales from June 2023. 

Since January, 18,451 homes have sold, down 0.8% from the first six months of 2023. During the same period, the median single-family home price rose 9.8% to $609,900.

The median condominium price also grew last month, while sales dropped.

Condo sales fell 16.6% to 1,938 transactions, compared to 2,324 in June 2023. Meanwhile, the median sale price increased 5.2% to $570,000, also marking a new all-time high.

“Massachusetts condo sales followed similar activity to single-family homes,” Norton said. “Sales were down on a year-over-year basis, while the median sale price reached a new all-time high. The median Massachusetts condo price may well exceed $600,000 in the coming months.”

So far this year, 8,954 condos sold across the state, down 4.5% from 2023, with a median sale price that’s up 5.9% to $540,000.

The Greater Boston Market

The Warren Group’s May 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 June fell 6.2% from 2023 to 2,341. Meanwhile, the median single-family sale price increased 8.4% to $835,000.

Condo sales in Greater Boston were also down last month, falling 15.6% to 1,439 transactions, compared to 1,705 in June 2023. The median sale price, however, increased 4.8% from last year to $660,000.