MELROSE — While actually home sales were off last month from where they were the year before, the median price of single-families in the city just keep rising.

In January, 7 single-families sold in Melrose, down from 13 in January 2021. However, those 7 homes fetched a median price of $850,000, up significantly from the $770,000 median price of the single-families sold in January a year ago.

Across the state, single-family home and condominium sales fell in January on a year-over-year basis as median sale prices reached new highs for the month, according to a new report from The Warren Group, a leading provider of real estate and transaction data.

Last month, there were 3,509 single-family home sales recorded in Massachusetts, an 8.9 percent decrease from January 2021 when there were 3,853 transactions. Meanwhile, the median single-family sale price spiked 10.7 percent on a year-over-year basis to $495,000, up from $447,000 in January 2021. This marked a new all-time high for the month of January but was also the first time the statewide median sale price has dipped below $500,000 since March 2021.

“While it’s true the number of single-family home sales dropped in January on a year-over-year basis, it’s important to look at the whole picture,” said Tim Warren, CEO of The Warren Group. “In January 2021, there were 3,853 single-family transactions, which was the most transactions we’ve seen since January 1999. This makes the 8.9 percent decrease between January 2021 and January 2022 rather modest. In fact, the number of sales has fallen anywhere from 6 to 21 percent in each of the past 6 months. Demand for homes remains strong, but the inventory of homes for sale at year-end was 50 percent of what it was a year ago. Consequently, prices continue to rise by double digits.”

Condominiums

In January, there were 1,442 condominium sales, compared to 1,695 in January 2021 – a 14.9 percent decrease and the fewest transactions recorded for the month of January since 2019. Meanwhile, the median sale price increased 9.5 percent on a year-over-year basis to $438,000 – a new all-time high for the month of January.

“Condo activity followed nearly similar trends to single-family homes in January,” Warren added. “Sales were down from the totals in January 2021 and 2020, but the median price set a new record for the month.”

In Melrose, 6 condos sold in Melrose for a median price of $457,000. The 10 condos that sold in the city in January 2021 also brought in a median price of $457,000, according to the information supplied by The Warren Group.