At the same time, the median existing-home price for all housing types slid 3.1% year over year to $396,100. 

Boston’s housing market remained competitive last month, despite a slower pace of transactions, according to the Greater Boston Association of REALTORS (GBAR) May housing report.

Motivations for homeownership are varied across generations: Gen Z and Boomers made the decision for better living conditions, while Gen X and Millennials were in search of stability they couldn’t get while renting.

“Paint is a relatively affordable and easy change, yet it has an outsized impact on a buyer’s perception of the home,” said Amanda Pendleton, home trends expert at Zillow.

Massachusetts home prices remained flat in May as sales of both single-family homes and condominiums continued to fall, according to a new Warren Group report. 

Low inventory continued to plague the Bay State’s summer real estate market in May, as new listings and closed sales declined again.

The larger-than-expected increase comes as homebuilder sentiment rose for the sixth month in a row. 

There are nearly 40% fewer homes for sale now than before the pandemic began

Homebuyer competition is driving up prices, as inventory constraints continue to plague the real estate market.

Homes affordable to middle-income buyers — defined as households earning up to $75,000 — fall in the $256,000-to-$320,000 range. But of the over one million U.S. homes on the market at the end of April, less than a quarter of all listings were within that price range.

While the U.S. housing market has seen home prices rise an average of 38.69% over the past five years, Massachusetts homes had the smallest increase since 2021.

Boston listings were down 26.2% from last year.

A second consecutive month of increases in the S&P CoreLogic Case-Shiller U.S. National Home Price Index could indicate a reversal of the negative trend that began last year. 

The number of Massachusetts sellers making concessions to buyers is up from last year.

Despite solid demand, a dearth of homes for sale kept transaction numbers muted in the association’s most recent report on pending sales. 

Ryan Castle, CEO of CCIAOR, said the continued decline in activity was expected due to fewer sales and more affordability concerns.