Sales of single-family homes and condominiums in Massachusetts, as well as median sale prices, reached new highs last month, according to the Warren Group’s October 2024 Sales Report.

October single-family home sales were up 11.6% year over year to 3,926 transactions, and the year-over-year median price increased 6.9% to $615,000, setting a new record for the month.

Cassidy Norton, associate publisher and media relations director of the Warren Group, said October’s single-family home sales in the Bay State showed a modest year-over-year increase in volume, signaling a slight rebound in activity despite the challenging market conditions.

She also noted that sales still remain significantly below historical norms due to persistently limited inventory and elevated mortgage rates.

“The average mortgage interest rate dropped to the lowest level so far this year in September; homes put under agreement then closed in October,” Norton said. “This likely contributed to the rise in the number of sales, as buyers took advantage of the brief relief in interest rates. This combination of constrained supply and strong demand continues to push prices higher, even as buyers navigate affordability challenges.”

Since January, 34,784 homes have sold, marking a 1.6% increase from the first 10 months of 2023. During the same period, the median single-family home price rose 8.2% to $616,925.

Condo sales also increased and median condo price also hit a new high.

Condo sales rose 5.6% to 1,649 transactions, compared to 1,562 in October 2023. Meanwhile, the median sale price increased 2.2% to $511,000, marking a new all-time high for the month.

Norton said October was a strong month for the Massachusetts condo market.

“These figures reflect sustained demand and resilience in the market, even amidst broader economic uncertainties,” she said.

So far this year, 15,843 condos sold, a 3.2% decrease from 2023, with a median sale price that’s up 4.8% to $539,900.