At the same time, the pace of existing-home sales declined from May’s level. 

Nationally, home sales rose 5.7% year over year and 1.3% month over month, RE/MAX said. 

New single-family home construction declined as builders continue to grapple with macroeconomic headwinds. 

Data shows that the median price for single family homes hit $1,003,250 after hovering near the $1 million point since April.

Purchase applications slowed to their lowest level since May as economic worries dampened activity, the Mortgage Bankers Association said. 

Wellesley, Winchester, Lexington and Needham ranked among the nation’s top suburbs based on median household income, home values and other economic indicators.

“Retirees increasingly prioritize affordability, healthcare access and climate resilience over sun-soaked climates,” researchers said.

Renters paid an average of $3,311 for Boston apartments, up 1.44% year-over-year and 7.33% compared to two years ago.

Boston ranked 8th nationwide, just behind New York and several west coast cities like Los Angeles and San Diego. In the study, Boston homes fetched nearly $38,000 more after staging.

May’s 1.8% monthly gain follows a 6.3% drop in April, the National Association of REALTORS® said. 

“The biggest trend we’re seeing in the market over the last few months is the increase in inventory,” noted CCIAOR President Todd Machnik.

The pace of home-price appreciation slowed to its most modest pace since 2023, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index. 

The median-sales price for an existing home rose 1.3% year over year to $422,800. 

Nationally, home sales slid 3.5% year over year but rose 8.6% month over month, RE/MAX said. 

Buyers were willing to pay $1,597 more for a home with an olive-green kitchen, and navy-blue bedrooms boosted a home’s value by $1,815.

Homebuilder sentiment recently reached its third-lowest level since 2012.