MELROSE — The average median sales price for single-family homes and condos sold in the city continues to increase.

According to The Warren Group, there were 32 single-family homes sold in Melrose in last month. The homes had a median sales price of $913,000.

There have been 121 single-family homes sold in Melrose over the course of the first five months of 2022, which had a median sales price of $850,000.

According to The Warren Group, there were 38 single-family homes sold in Melrose in June 2021, which had a median sales price of $803,500. There were 119 single-family homes sold in the city during the first six months of June 2021, which had a median sales price totaling $775,000.

The median sales price for single-family homes sold across the state reached $610,000 in June, which marked the first time that the median sale price has exceeded $600,000 since record keeping began in 1987.

Single-family homes

Last month, there were 6,182 single-family home sales in Massachusetts, an 11.5 percent decrease from June 2021 when there were 6,987 transactions. Meanwhile, the median single-family sale price spiked 9.9 percent on a year-over-year basis to $610,000, up from $555,000 in June 2021 – a new all-time high for single-family homes since The Warren Group started tracking sales activity in 1987.

“This is the first time that the Massachusetts median single-family home price has ever exceeded the $600,000 mark,” said Tim Warren, CEO of The Warren Group. “Keep in mind that it was only 14 months ago when the median price of $500,000 was exceeded for the first time. I doubt we’ve seen the end of it.”

Warren said, “Experts keep speculating that with the recent hike in interest rates that prices could plateau in the near future.” However, Warren said he is “not sure we’re at the tipping point just yet.”

“Price increases are moderating this year, but they are far from flatlining,” said Warren. “There are just so many buyers and not enough homes to go around. I expect prospective buyers to continue paying significant premiums in the coming months, even as it gets more expensive to borrow money.”

Year-to-date, there have been 24,553 single-family home sales in Massachusetts, a 10.5 percent decrease from the first six months of 2021. Meanwhile, the year-to-date median single-family home price increased 10 percent on the same basis to $550,000.

Condominiums

The Warren Group’s report revealed that there were 12 condominiums sold in Melrose during June 2022, which had a median sales price of $426,750. There have been 39 condos sold in the city during the first six months of the year, which had a median sales price of $450,000.

There were 19 condominiums sold in Melrose in June 2021, which had a median sales price of $435,000. There were 68 condominiums sold during the first single months of 2021, which had a median sales price of $466,500.

According to The Warren Group, there were 2,748 condominium sales in June 2022, compared to 3,189 in June 2021 – a 13.8 percent decrease on a year-over-year basis. Meanwhile, the median sale price increased 10.2 percent on a year-over-year basis to $539,000 – the third consecutive month that the median condo price has hovered above $500,000.

“Historically, condos have been a more affordable alternative for homeownership in Massachusetts,” said Warren. “Even though the median sale price of $539,000 is significantly lower than the median single-family home price of $610,000, it’s still prohibitively expensive for many buyers, especially as purchasing power declines due to rising mortgage rates.”

Year-to-date, there have been 12,264 condo sales, an 11.6 percent decrease from the first six months of 2021 with a median sale price of $499,000, an 8.5 percent increase on the same basis.