Also during the month, the median sales price rose to $390,500 from $370,200 in June, according to the U.S. Census Bureau and the Department of Housing and Urban Development.

“Much of the home-sales growth is still occurring in the upper-end markets, while the mid- to lower-tier areas aren’t seeing as much growth because there are still too few starter-homes available.” — NAR chief economist Lawrence Yun

You might be surprised by the results of this survey.

“The bright spot in an otherwise underwhelming report comes from the increase in the overall number of permits issued, which can signal how much home construction is in the pipeline.” — First American deputy chief economist Odeta Kushi

Single-family and condo sales both grew month over month, but also saw decreases in volume as the market shows signs of relaxing.

Smaller, more affordable homes are hitting the market, helping moderate median list prices, according to Realtor.com.

Just 56.6% of homes sold during the quarter were affordable to families earning the U.S. median income of $79,900, according to the National Association of Homebuilders/Wells Fargo Housing Opportunity Index.

The boost in market activity and prices continues to be driven by millennial buyer demand, the search for more living space, a healthier job market and lower mortgage rates.

Increased homebuyer demand and limited inventory continue to drive prices to record highs throughout the Bay State, and the Boston area is no exception.

With the increased number of professionals working remotely, today’s homebuyers are putting less of a premium on commute time and more on affordability.

The U.S. Census Bureau and the Department of Housing and Urban Development reported that the median sales price slid to $361,800 from $380,700 in May.

At the same time, the median existing-home price for all housing types in May was up 23.4% on an annual basis, as every region in the country registered price increases.

Meanwhile, the seasonally adjusted purchase index declined 6% from the previous week, the Mortgage Bankers Association reported.

Privately owned housing units authorized by building permits in June came in at a seasonally adjusted annual rate of
1,598,000, down 5.1 % from the revised May rate of 1,683,000, but 23.3% above the year-ago rate of 1,296,000.

July’s reading of 80 was down one point from June, but still signaled strong demand for housing, the National Association of Home Builders said.

During the four-week period ended July 11, the average weekly share of homes for sale with a price drop passed 4% for the first time since September 2020.