BOSTON—The continuing decline in for-sale home inventory and the resulting rise in home sale prices have put at least a temporary damper on sales activity in Greater Boston and the rest of Massachusetts for that matter.

The Massachusetts Association of Realtors and the Greater Boston Association of Realtors released reports on October residential sales activity on Tuesday that both chronicled how the lack of inventory has impacted the residential sales market for both single-family homes and condominiums. For sale inventory in Massachusetts has dropped to its lowest level since January 2005.

MAR reports that for the third time this year, home sales activity declined as compared to the same period in 2015. Statewide, single family home sales in October totaled 4,596, down 5.6% from 12 month earlier. The median single-family home price stood at $354,000 statewide last month, an increase of 5.7% from the $335,000 median posted in October 2015. MAR officials note that the single-family median home sale price has been up or flat for 11 out of the last 12 months.

“The demand continues to be there, but when there are so few homes for sale, it's hard for the number of sales to continue to go up,” says 2016 MAR President Annie Blatz, branch executive at Kinlin Grover Real Estate in Brewster, MA. “This year has been month after month of inventory shortages, but in October we saw a new low that hasn't been seen since winter of 2005. We need more homes for sale and if you're thinking about selling, now is a good time to put your home on the market.”

Statewide there were 1,651 condo sales in October, down 5.8% from October 2015. The median sale price of a condominium rose 2.2% during the last 12 months to $325,000.

For sale single-family home inventory in October plummeted 32.7% from a year earlier to 16,418 units. Condominium inventory fell 28.7% in October to 4,431 units. New listings for single-family and condominium properties fell 11.5% and 8% respectively.

In Greater Boston, sales of single-family detached homes declined 15% on an annual basis in October as 952 units were sold compared to 1,120 units sold last year. GBAR notes that last month's sales activity remained slightly above the historical average of 941 units sold and was the seventh highest total on record for the month. The condo market in Greater Boston experienced a modest decline of 1.3% in total sales from 831 units sold in October 2015 to 820 last month. October 2016's condo sales activity was the fourth-highest sales total on record for the month of October and was above the 740 average historical sales total average for the month of October.

“As anticipated, the housing market cooled down significantly in October, and we believe that sales would have been stronger if there were more homes available, however we are experiencing a continued deficiency in inventory,” says GBAR president Andrew Sarno, broker associate with RE/MAX Andrew Realty Services in Medford, MA. “We have noticed that certain populations, such as first-time buyers, have been impacted the most by the steady prices gains, however potential buyers remain motivated to enter the housing market amid the trepidation of further price increases.”

The median price of a single-family detached home rose 10.8 % in October to $526,300, up from $475,000 in October of 2015. The median sales price of a condominium in Greater Boston rose to $479,238 last month, a 5.3% increase from the $455,000 median sales price last October.

GBAR's Sarno notes that the limited amount of inventory is creating a very competitive residential sales market. “We are experiencing a lot of multiple offer situations and bidding wars which are putting upward pressure on prices. The healthy local economy and job market are also helping to support substantial growth in home values we're seeing,” he says.

The for sale-inventory of single-family detached homes in Greater Boston fell 26.4% to 2,769 homes on the market last month, down from the 3,762 units posted last October. Condo inventory declined 21.1% to 1,616 as compared to the 2,050 condos on the market in October 2015. Pending single-family home sales fell 4.7% to 1,258 in October, while pending condo sales was flat at 954.

BOSTON—The continuing decline in for-sale home inventory and the resulting rise in home sale prices have put at least a temporary damper on sales activity in Greater Boston and the rest of Massachusetts for that matter.

The Massachusetts Association of Realtors and the Greater Boston Association of Realtors released reports on October residential sales activity on Tuesday that both chronicled how the lack of inventory has impacted the residential sales market for both single-family homes and condominiums. For sale inventory in Massachusetts has dropped to its lowest level since January 2005.

MAR reports that for the third time this year, home sales activity declined as compared to the same period in 2015. Statewide, single family home sales in October totaled 4,596, down 5.6% from 12 month earlier. The median single-family home price stood at $354,000 statewide last month, an increase of 5.7% from the $335,000 median posted in October 2015. MAR officials note that the single-family median home sale price has been up or flat for 11 out of the last 12 months.

“The demand continues to be there, but when there are so few homes for sale, it's hard for the number of sales to continue to go up,” says 2016 MAR President Annie Blatz, branch executive at Kinlin Grover Real Estate in Brewster, MA. “This year has been month after month of inventory shortages, but in October we saw a new low that hasn't been seen since winter of 2005. We need more homes for sale and if you're thinking about selling, now is a good time to put your home on the market.”

Statewide there were 1,651 condo sales in October, down 5.8% from October 2015. The median sale price of a condominium rose 2.2% during the last 12 months to $325,000.

For sale single-family home inventory in October plummeted 32.7% from a year earlier to 16,418 units. Condominium inventory fell 28.7% in October to 4,431 units. New listings for single-family and condominium properties fell 11.5% and 8% respectively.

In Greater Boston, sales of single-family detached homes declined 15% on an annual basis in October as 952 units were sold compared to 1,120 units sold last year. GBAR notes that last month's sales activity remained slightly above the historical average of 941 units sold and was the seventh highest total on record for the month. The condo market in Greater Boston experienced a modest decline of 1.3% in total sales from 831 units sold in October 2015 to 820 last month. October 2016's condo sales activity was the fourth-highest sales total on record for the month of October and was above the 740 average historical sales total average for the month of October.

“As anticipated, the housing market cooled down significantly in October, and we believe that sales would have been stronger if there were more homes available, however we are experiencing a continued deficiency in inventory,” says GBAR president Andrew Sarno, broker associate with RE/MAX Andrew Realty Services in Medford, MA. “We have noticed that certain populations, such as first-time buyers, have been impacted the most by the steady prices gains, however potential buyers remain motivated to enter the housing market amid the trepidation of further price increases.”

The median price of a single-family detached home rose 10.8 % in October to $526,300, up from $475,000 in October of 2015. The median sales price of a condominium in Greater Boston rose to $479,238 last month, a 5.3% increase from the $455,000 median sales price last October.

GBAR's Sarno notes that the limited amount of inventory is creating a very competitive residential sales market. “We are experiencing a lot of multiple offer situations and bidding wars which are putting upward pressure on prices. The healthy local economy and job market are also helping to support substantial growth in home values we're seeing,” he says.

The for sale-inventory of single-family detached homes in Greater Boston fell 26.4% to 2,769 homes on the market last month, down from the 3,762 units posted last October. Condo inventory declined 21.1% to 1,616 as compared to the 2,050 condos on the market in October 2015. Pending single-family home sales fell 4.7% to 1,258 in October, while pending condo sales was flat at 954.