Multifamily construction, meanwhile, rose on a monthly basis. 

Looking ahead, the CoreLogic Home Price Insights report predicts home prices will dip by 0.1% in October on a month-over-month basis.      

Nationally, interest rates fell as builder confidence rose last month.

The S&P CoreLogic Case-Shiller U.S. National Home Price Index hit a new record in August, marking the 15th month in a row of new highs. 

The median price of a new home sold during the month was also up, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. 

Sales slid 1% compared to August, the National Association of REALTORS® said. 

Multifamily starts, meanwhile, declined, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development said.    

October’s increase comes as inflation slows and mortgage rates decline. 

At the same time, the median-sales price declined from August, according to the RE/MAX National Housing Report. 

The latest reading of the National Association of REALTORS® Pending Home Sales Index shows a return to month-over-month growth after a decline in July.    

The 716,000 per-year rate of new-home sales topped the consensus estimate of 700,000. 

Despite a summer marked by falling mortgage rates and increased inventory, homebuying activity in Greater Boston has cooled since late spring.

The 2.5% decline followed a 1.3% increase in July, according to the National Association of REALTORS®. 

For the second month in a row, housing affordability in the Bay State rose in August, a positive sign for homebuyers.

Single-family home prices rose 5% from last year to $630,000.

Specifically, prices rose 4.3% annually after growing by 4.7% in June.