Massachusetts home prices continued to climb in the first month of 2024, hitting a new all-time high for the month of January, according to a report from the Warren Group released Tuesday.

“The issues that pained the Massachusetts housing market in 2023, like limited inventory, economic uncertainties, and higher interest rates are still at the forefront of prospective buyers,” said Warren Group Media Relations Director Cassidy Norton. … “(I)n the coming months, relief for prospective homebuyers with realistic budgets seems unlikely.”

In January, the median price for a single-family home in the state increased about 10% year-over-year, according to the real estate data firm, rising from $499,000 in January 2023 to $550,000, a new all-time high for the month.

Massachusetts single-family home sales remained relatively flat compared to last January at around 2,400, the Warren Group reported.

The Greater Boston housing market saw a similar about 10% price jump, hitting a $690,000 median price for a single-family home, the report said. Local sales also jumped slightly, increasing from 1,076 in January 2023 to 1,110 last month.

Even as inflation has neared the Federal Reserve’s 2% target, central bank officials elected to delay cutting interest rates again in a January announcement.

Despite positive economic signs, Fed Chair Jerome Powell said it is unlikely the committee will have the “confidence” to begin cutting the rate at the next meeting in March, but did indicate potential cuts later in the year, signaling potential relief for future borrowers.

The Commonwealth’s condo market also saw a new all-time high median price for the month of January at $507,000, according to the Warren Group.

Unlike homes, condo sales saw a significant 17.1% drop, the release said, from 1,176 in January 2023 to just 975 last month.

“In fact, this is the fewest condo sales for the month of January since 2011,” said Norton. “Condos are a hot commodity, but supply can’t keep up with demand.”

The condo market in Boston fluctuated even more dramatically, according to the data, with sales down 20.5% and prices up 13.4% year-over-year.

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The Massachusetts Association of Realtors reported similar price and sales data for the state on Friday but also noted positive indicators for new listings in January. Single-family home inventory rose 5.1% year-over-year, MAR reported, and condo listings jumped 13.1%.

“Low inventory and affordability continue to challenge many buyers, but we’re beginning to see
an increase in listing activity, construction completions and stabilizing mortgage rates helping to
drive a positive shift in the market,” said MAR President Amy Wallick. “With this slow rise in inventory, we’re hopeful to see more buyers and sellers emerge in the coming months.”