Median home sales prices continue to rise in Greater Boston. The single-family median sales price rose 5.1% to a record price of $615,000 in June as compared to a year earlier. The condo median sales price rose 4% to $525,000 in June, also a new record.

“It's no surprise that with the limited supply of homes that prices are reaching new heights month after month. Buyer demand is very high and it continues to be a great time for prospective sellers to list their homes,” adds Roloff. “With more and more multiple offer situations arising as homes become available, we're seeing an increasing number of properties selling at or above asking price.” According to GBAR figures, single-family homes are selling for 100.5% of the original list price and condos are selling at 102.5% of the original list price.

Another sign of a strong market is that homes are selling more quickly. Single-family homes are remaining on market for 37 days, down from 49 days last year. Condos are taking 32 days to go off market, four days quicker than last year.

The continued decline in inventory remains an issue. Single-family active listings fell 29.7% to 3,090 homes, down from the 4,394 active listings in June 2016. Active listings of condos fell 19.5% from 2,315 last June to 1,864 active listings this year.

Statewide, the median single-family home price rose nearly 8% to a new record $410,000. Closed sales of single-family homes for the month of June fell 4.8% to 6,614 transactions.

“We knew there was a good chance that the $400,000 barrier would be reached and passed,” says 2017 MAR president Paul Yorkis, president of Patriot Real Estate in Medway, MA. “But the speed at which it did underscores what happens when there is very high demand coupled with very low supply. As prices increase more and more people will be priced out of the market, which isn't good for our economy.”

Like in Greater Boston, the inventory of housing stock continues to decline. Statewide, the number of single-family homes on the market dropped 32.4% year-to-year to 13,973 units. The inventory of condominiums fell 27.9% from June 2016 to 3,820 units in June of this year.

BOSTON—The Greater Boston home sales market continues to be plagued by falling inventory, however sales activity has held somewhat firm while home values rose to new records, according to a report released by the Greater Boston Association of Realtors.

In June, 1,907 homes were sold compared to the 1,938 homes sold in June 2016 in Greater Boston. Despite the 1.6% decline, June's sales activity was second only to last year's record-high total and was well above the historical monthly average of 1,663 homes sold.

The condo market posted a decline of 5% in sales in June. A total of 1,342 condos sold in June, slightly below the 1,413 units sold a year earlier. This was the sixth highest sales total on record for the month of June and remained above the historical monthly average of 1,284 units sold, GBAR states.

“Similar to May, we saw a very slight softening in sales but the market remains red hot. With the short supply and high buyer demand, we're seeing homes sell very quickly,” says GBAR President Melody Skye Roloff, an agent with EXIT Realty Beatrice Associates in Middleton, MA. “It's impressive that this level of activity has sustained for so long as we continue to hit record-high prices.”

Median home sales prices continue to rise in Greater Boston. The single-family median sales price rose 5.1% to a record price of $615,000 in June as compared to a year earlier. The condo median sales price rose 4% to $525,000 in June, also a new record.

“It's no surprise that with the limited supply of homes that prices are reaching new heights month after month. Buyer demand is very high and it continues to be a great time for prospective sellers to list their homes,” adds Roloff. “With more and more multiple offer situations arising as homes become available, we're seeing an increasing number of properties selling at or above asking price.” According to GBAR figures, single-family homes are selling for 100.5% of the original list price and condos are selling at 102.5% of the original list price.

Another sign of a strong market is that homes are selling more quickly. Single-family homes are remaining on market for 37 days, down from 49 days last year. Condos are taking 32 days to go off market, four days quicker than last year.

The continued decline in inventory remains an issue. Single-family active listings fell 29.7% to 3,090 homes, down from the 4,394 active listings in June 2016. Active listings of condos fell 19.5% from 2,315 last June to 1,864 active listings this year.

Statewide, the median single-family home price rose nearly 8% to a new record $410,000. Closed sales of single-family homes for the month of June fell 4.8% to 6,614 transactions.

“We knew there was a good chance that the $400,000 barrier would be reached and passed,” says 2017 MAR president Paul Yorkis, president of Patriot Real Estate in Medway, MA. “But the speed at which it did underscores what happens when there is very high demand coupled with very low supply. As prices increase more and more people will be priced out of the market, which isn't good for our economy.”

Like in Greater Boston, the inventory of housing stock continues to decline. Statewide, the number of single-family homes on the market dropped 32.4% year-to-year to 13,973 units. The inventory of condominiums fell 27.9% from June 2016 to 3,820 units in June of this year.