The sale of single-family homes and condominiums saw year-over-year gains in October, driven by a rise in buyer activity across the state.

September pending home sales rose 7.4% to their highest level since March, according to the National Association of REALTORS®.

Meanwhile, an increase in inventory brought some softening to median selling prices last month.

New listings for single-family homes and condominiums increased for the first time in three months in September.

Meanwhile, single-family home and condo sales were down from last year. 

While the average monthly housing payment in the U.S. fell to its lowest level since the start of the year, it isn’t improving sales, as potential buyers are holding out for lower mortgage rates.

Lower mortgage rates, more available listings and a dip in home prices from June’s record highs drew buyers back into the market last month.

July’s Massachusetts housing market experienced a slight increase in closed sales, while median sales prices fell for the first time since early in the year, hinting at a market shift.

The combination of rising inventory and price reductions in Boston and nationwide is creating a more buyer-friendly market.

The median sale prices for both single-family homes and condos reached new all-time highs last month, as low inventory continues to drive up prices.

Boston area home sales dropped in June to the lowest level for the month in four years.

Closed sales and the median sales price for single-family homes saw month-over-month increases from March to June.

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

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.

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.