May single-family home sales reached their highest level since August 2023.

The average 30-year fixed mortgage rate dipped to 6.87%.

The increase in sales comes as median prices reached new highs in May.

It’s not just the weather hitting record highs this week — Massachusetts home sale prices and listings are also rising as the summer market gets underway.

Boston’s median price per square foot has surged since 2019, marking one of the highest increases in the nation, according to Realtor.com’s May Housing Report. 

With warm weather heating up much of the United States, many homeowners are craving new summer styles for their living spaces.

In April, Cape Cod sellers were listing homes at a rate the market hadn’t seen in years, according to the Cape Cod & Islands Association of REALTORS® April 2024 Market Stats Report.

Single-family homes saw strong interest and sales activity in April, leading to steady price growth in a month when the majority of properties sold at or above their full asking prices.

The S&P CoreLogic Case-Shiller U.S. National Home Price Index has hit a new record for six of the last 12 months, as demand remains strong in the face of tight inventory.

At the same time, the median price of a new home sold in April declined as well. 

Meanwhile, the median single-family home price reached $610,000, the first time it exceeded $600,000 this year.

As the summer market approaches, both closed sales and new listings increased in April, according to the latest report from the Massachusetts Association of Realtors.

Buyers are finally getting some relief as mortgage rates dip below 7% for the first time in five weeks, according to a Redfin report. 

New-home construction jumped 5.7% month over month after a soft March, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. 

According to a new report from RentCafe, hotels have overtaken offices as the most likely spaces to be converted into new apartments.

Boston has the fewest home listings nationally, in a market steeped with competition driven by low inventory.