Boston’s housing market stabilized in August as houses spent longer on the market and inventory climbed, according to new data from the Greater Boston Association of REALTORS®.

The median price for a single-family home in Boston was $935,000, up 2% from last year, but down from July and still far from the $1 million milestone hit earlier this year.

Supply saw a boost as 742 new single-family homes hit the market, up 6.1% from the same month last year. Active inventory increased 17.2% when compared to last August.

Boston saw 1,077 single-family homes sold in August, a 2% annual growth.

Meanwhile, homes lingered on the market, spending a median of 23 days before selling. That’s up 4.5% from last month and 9.5% year over year.

“For the first time this year, the median priced single-family property sold for was less than it
was originally listed for, but barely,” said Mark Triglione, President of GBAR.“Median days on market for single-family property were also up. Buyers that know their market and are well prepared have opportunities that simply haven’t existed in recent history.”

The condo market saw price decreases as well, if slightly. The median price for a Boston condo was $697,000, a 1.1% decrease from last year. August saw 850 condos sold, up 2% on a yearly basis.

Active inventory jumped by 24.4%compared to the same month last year. The market also saw 741 new condos for sale, up 1.5% compared to last year.

Mirroring the single-family market, condos also sat on the market for longer periods of time. The median time spent for sale increased 36.2% year over year to 32 days.

“The condo market in Greater Boston has seen a resurgence of price reductions and seller
concessions,” Triglione said. “Well priced units are still selling fast but anything that isn’t right on the number or perfectly positioned in the market is experiencing a longer, harder road to
closing. The recent rate news will very likely provide some welcome stimulation to buyer
activity.”