The sales volume was the third-lowest recorded by the brokerage in the past decade. The only months with a lower level of transactions were October — when mortgage rates hit a 23-year high — and the first month after the onset of the pandemic.

“Sales are sluggish because high home buying costs are making both house hunters and prospective sellers skittish,” Redfin senior economist Elijah de la Campa said.

Last month brought another record in the median sale price category. The median sale price was $439,716, a 1.6 percent jump from April and 5.1 percent rise year-over-year. With prices soaring, prospective buyers couldn’t find much relief in mortgage rates, which were up — marginally — from April, averaging 7.06 percent for a 30-year fixed-rate loan.

One bright spot for buyers is the number of sellers chopping prices. Nearly 20 percent of homes for sale last month experienced at least one price cut, up from 13.2 a year earlier. Still, some markets are seeing bidding wars as buyers compete for the few homes available, pushing up prices.

Updated: Boston Real Estate Blog 2024

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