Breaking records yet again, the Greater Boston housing market has seen a dramatic spike in median sales prices for both single-family homes and condos. Data from the Greater Boston Association of Realtors reveals the median sales price for a single-family home reached $961,250 in June, a 7.7 percent jump from the same time last year. The median price for a condo also climbed, hitting $750,000, as reported by The Boston Globe.

Describing the challenges in the current housing climate, Jared Wilk, president of the Greater Boston Association of Realtors, noted a less fervent market since Memorial Day. "Buyers have become more cautious and have shown less urgency to make offers in the last couple of months, with many having to modify or pause their home search due to affordability concerns," Wilk explained in a statement that was obtained by Boston.com. Reflecting the housing trend, sales for single-family homes and condos experienced a 9.4 percent and 14.1 percent year-over-year drop respectively.

Despite more listings on the market compared with last year, homes are staying available for slightly longer periods, averaging 17 days for single-family homes and 20 days for condos. Even with a dip in closed sales, demand continues to outstrip supply, pushing median selling prices to record highs this past June. Such price increases underscore the relentless competition within the real estate market, though buyers are less keen to engage due to the prohibitive costs involved.

As for the sellers, there's a caveat in the rapidly evolving landscape. Noting a shift toward a more buyer-friendly market, Wilk highlighted that "it's still a seller's market, but with mortgage rates stuck near 7 percent, home prices at record levels, and more properties available for sale, buyers are going to have more of a say in how the market performs in the coming months," as he told Boston.com. This could precipitate a more calculating and prudent approach from buyers, who are no longer willing to stretch their budgets thin.

High mortgage rates are a key factor contributing to the housing market's current state. Buyers deterred by these rates and the associated monthly costs are often dissuaded from making the investment in a first home. At the same time, potential sellers hesitate to enter the market, reluctant to commit to high monthly payments on a new property. This deadlock has exacerbated the supply shortage in Greater Boston, leading to an environment where sky-high prices become the norm, with genuine relief for those seeking affordable housing reportedly far off on the horizon.