Median home and condo sale prices reached new highs for October last month, spurred by inventory falling far below historical norms, according to a new Warren Group report. 

The median sale price of a single-family home is up 12.8% from 2022

Detached single-family homes remained the most popular type of housing, making up 79% of all home purchases during the past year.

The lack of listings across the Greater Boston housing market had home and condo sales sliding and prices climbing last month. 

Last month, homebuyer demand showed its resilience, despite mortgage rates being at a 23-year high and inventory continuing to be limited.

PropertyShark analyzed residential transactions between Jan. 1 and Oct. 20 to determine the 100 most expensive ZIP codes in the country this year. 

A record number of homesellers are dropping their prices as buyers continue to feel the impact high mortgage rates are having on their wallets.

It’s the second year in a row Boston was the top market for year-over-year housing inventory percentage increases. 

The median price of a new home sold during the month fell to $418,800 from $433,100 in August, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported. 

Even though buyer demand has weakened, home values remain strong

The median existing-home price for all housing types in September was $394,300, up 2.8% from $383,500 in September 2022.   

Specifically, single-family homes were built at a seasonally adjusted annual rate of 963,000, up 3.2% from 933,000 in August and up 8.6% from 887,000 a year earlier, according to government figures. 

The drop comes as home and condo prices reached an all-time high in September.

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