Graphic by Sam Minton | Banker & Tradesman Staff

In the last month before the fall home-sales season, the numbers of homes for sale fell, new data shows.

The Massachusetts Association of Realtors reported that statewide numbers of new single-family listings fell 1.9 percent and condominium listings fell 9.8 percent last month, both on a year-over-year basis.

In total, only 5,793 single-family and 2,793 condominium homes were for sale in August, a 3.2 percent and 2.8 percent drop, respectively.

Greater Boston Association of Realtors 2024 President Jared Wilk observed that buyers are leaving the market or pausing their home search despite falling mortgage rates and the Federal Reserve’s expected interest rate cuts today.

“The lack of inventory is most pronounced in the single-family home market where listings remain at less than a two-month supply, which is why properties that are well maintained and in a desirable location have been able to retain their value and even command close to top dollar,” he said in a statement released by GBAR.

The median sale price among single-family homes that went pending in August rose 3.9 percent to $654,450, MAR reported. Among condos, that figure rose 1.4 percent to $550,000.

According to The Warren Group, publisher of Banker & Tradesman, median single-family home price reached a new high as it increased to $630,000 in August – a 5 percent increase year-over-year.

In the condominium market, inventory has also been an issue as prices continue to increase. The median sale price rose 3.4 percent on a year-over-year basis to $542,635 – also a new all-time high for the month of August.

“Despite the challenges we’ve seen with inventory, the demand for homes continues to push prices upward,” Cassidy Norton, associate publisher and media relations director of The Warren Group, said in a statement. “This is a clear indicator of how resilient the market is, especially in the condo space, where buyers are still eager to find opportunities even in a competitive environment.”