Massachusetts single-family home and condominium sales surged in July, a 6.8 percent increase compared with July of last year, according to a report by The Warren Group, publisher of Banker & Tradesman. There were 6,715 transactions in July. 

At the same time, median sales prices for single-family homes and condominiums reached an all-time high for the month of July. The median single-family home sale price increased 6.3 percent to $407,000, up from $383,000 a year earlier. The median single-family sale price has exceeded $400,000 for two consecutive months.  

Condominium sales in July totaled 2,526 transactions, a 5.2 percent increase on a year-over-year basis. Meanwhile, the median condo price increased 7.2 percent to $385,000, the same as last month. Year-to-date, condo sales increased 3.3 percent with 14,367 transactions compared to the same period in 2017, while the median price rose 10.3 percent to $375,000.  

“The shrinking home inventory continues to push median prices higher across Massachusetts,” said Cassidy Murphy, associate publisher and media relations director of The Warren Group. “Although based on historical trends, there has been a median home price reduction between July and August for ten straight years. Prospective buyers entering the marketplace at the tail end of summer can probably expect some relief soon.”