The 2021 spring mortgage season in Massachusetts has outpaced the last two years, with more home buyers taking single-family and condominium purchase mortgages between January and May compared the same periods in 2019 and 2020.

Massachusetts had 18,536 single-family purchase mortgages year-to-date through May, according to data from The Warren Group, publisher of Banker & Tradesman. This was up up 5 percent compared to January through May of 2019 and 18 percent compared to the first five months of 2020, which included the start of the pandemic.

Mortgage volumes are up even higher, reflecting the effects of higher sale prices. Massachusetts had $8.94 billion in single-family purchase mortgages from January through May compared to $7 billion over the same time period in 2019 and $6.5 billion in 2020. The median year-to-date single-family sale price was $480,000, up 25 percent compared to 2019 and 18 percent over 2020.

Dukes and Nantucket counties have seen the largest increases in both the number of single-family mortgages over 2019 – up 45 percent and 90 percent, respectively – and volumes, up 129 percent in Dukes County and 155 percent in Nantucket. Berkshire County saw the number of single-family purchase loans increase year-to-date by 14 percent compared to 2019, while the volume has increased by 58 percent.

The condominium market is also outpacing activity from the last two years, with 8,027 purchase mortgages in Massachusetts year-to-date through May, up 22 percent over 2019 and 47 percent over 2020. Volumes were at $3.42 billion, up 42 percent compared to the same period in 2019 and 61 percent over 2020. The median year-to-date condominium sale price is $450,000, up 22 percent over 2019 and 8 percent over 2020.

Despite rising sale prices for single-family homes and condominiums, low interest rates continued to help spur activity. Mortgage rates were at or below 3 percent for much of the spring season, and between 1 to 1.5 percentage points lower than in the spring of 2019 and about 0.25 to 0.5 percentage points lower compared to the spring of 2020.

The month of May did see single-family purchase mortgage activity down slightly compared to pre-pandemic levels. Massachusetts had 4,677 single-family purchase mortgages in May, down 9 percent from the same time period in 2019, when the state had 5,117 purchase mortgages. May activity exceeded last year’s single-family mortgage market by 41 percent.

Higher sale prices did drive volumes up in May. Massachusetts had $2.36 billion in single-family purchase mortgages last month compared to $2.1 billion in May 2019 and about $1.4 billion in 2020. The median single-family sale price last month was $525,000, up 24 percent year-over-year and 28 percent compared to May 2019.

Massachusetts had 2,039 condominium purchase mortgages in May, up 4 percent from the same time period in 2019 and 110 percent compared to January through May of 2020.