The median sale price of single-family home in Massachusetts dropped compared to the same month a year prior, although by only $1,000.

The May median sale price of $589,000 was 0.2 percent less than May 2022, when it was $590,000. In April the median price dropped 1.2 percent from April 2022. Year to date, however, the median price is up 1.9 percent versus last year.

“The real estate market continues to exhibit trends we’ve seen in recent months,” Media Relations Director Cassidy Norton said in a statement. “Elevated interest rates make it even more expensive for buyers to purchase homes. Furthermore, once sellers become buyers, they are also constrained by limited supply.”

Sales activity for both single-family homes and condominiums continued to decline in May, according to a new report from The Warren Group, publisher of Banker & Tradesman. Last month, there were 3,611 single-family home sales in Massachusetts, a 25.1 percent decrease from May 2022 when there were 4,818 transactions.

There have been 13,701 single-family home sales through May of this year, a 25.6 percent decrease from the first five months of 2022.

There were also 1,843 condominium sales in May 2023, compared to 2,414 in May 2022 – a 23.7 percent decrease. Meanwhile, the median sale price increased just 0.2 percent on a year-over-year basis to $526,000, up from $525,000 in May 2022.

Year-to-date, there have been 7,060 condo sales, a 25.8 percent decrease from the first five months of 2022 with a median sale price of $500,000, a 3.6 percent increase on the same basis.

There were 1,783 single-family home sales in the Greater Boston housing market in May 2023, which marked a 28.1 percent decrease from May 2022 when there were 2,479 transactions. Meanwhile, the median single-family sale price increased 1.2 percent on a year-over-year basis to $750,000

In May, there were 1,363 condo sales, down from 1,801 sales in May 2022, marking a 24.3 percent decrease on a year-over-year basis. Meanwhile, the median condo price increased 0.8 percent on the same basis to $615,000, down from $610,000 a year earlier.

“With its rich heritage, diverse towns, proximity to world-class educational institutions, and a thriving job market, the Greater Boston housing market continues to be a hot commodity for Massachusetts home buyers,” Norton added.  “Unfortunately, with a median single-family home price of $750,000 and a median condo price of $615,000, many buyers are forced to expand their home searches well beyond the Boston area.