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Last month, there were 2,042 single-family home sales in Massachusetts, precisely flat versus the number that sold statewide in February 2023 according to new data from The Warren Group, publisher of Banker & Tradesman.

Meanwhile, the median single-family sale price increased 10 percent on a year- over-year basis to $548,250, up from $498,369 in February 2023 – a new all-time high for the month of February, The Warren Group said.

“February was another record-setting month for median single-family home prices as sales activity was flat on a year-over-year basis,” Cassidy Norton, media relations director of The Warren Group, said in a statement. “A lack of  inventory is the biggest factor driving these trends, and with fewer and fewer homes hitting the market, we can fully expect to see more recording-setting prices paired with a low sales volume in the coming months.”

There were also 1,076 condominium sales in February 2024, compared to 1,017 in February 2023 – a 5.8 percent increase. Meanwhile, the median sale price rose 6.5 percent on a year-over-year basis to $490,000 – a new all-time high for the month of February.

“Although condo sales increased 5.8 percent in February on a year-over-year basis, activity is still nowhere near what we saw even two or three years ago,” Norton continued. “Record high prices and high interest rates with are likely a big factor in the long-term decline in activity, and prospective buyers shouldn’t expect much relief in the near future.”

There were 888 single-family home sales in the Greater Boston housing market – defined by The Warren Group as within the Interstate 495 belt – in February 2024, which marked a 2.7 percent decrease from February 2023 when there were 913 transactions. Meanwhile, the median single-family sale price increased 11.9 percent on a year-over-year basis to $693,750.

There were also 776 condo sales in February, up from 713 sales in February 2023, marking an 8.8 percent increase on a year-over-year basis. Meanwhile, the median condo price increased 5.7 percent on the same basis to $570,500, up from $539,900 a year earlier.

The Warren Group’s report comes after economists at listing portals Redfin and Zillow reported last week that Greater Boston saw an uptick in new listings in February – a possible hopeful sign for the spring housing market, which has been starved of homes for sale for several years.

In a statement released along with the Greater Boston Association of Realtors’ own market data report 2024 GBAR President Jared Wilk, a broker with Compass in Wellesley, said that inventory is landing amid a crowd of eager prospective buyers and remains significantly short of what’s needed to create market conditions balanced between buyers and sellers.

“They’ve grown comfortable with where rates are at, but are tired of losing out on other offers, so they’re motivated and that’s led to more showings, increased foot traffic at open houses, and a higher volume of sales activity,” he said. “Sellers have become more aggressive in their pricing since the start of the year, while buyers are being faced with more multiple offer situations and many are opting to bid above the list price in an effort to buy a home, and all of this is pushing selling prices higher.”

Still, more inventory on the market could help spur a few more sellers to list and help moderate the inevitable upward pressure on prices., he added.