Home prices in the Boston area grew for the fourth consecutive month, hitting a record high in July, according to a report from the Greater Boston Association of Realtors.

The median price for single-family homes in greater Boston hit $605,000, up 5.2 percent from July 2016’s median price of $575,000. Condominium prices also saw growth, with the median reaching $530,000, up 7.1 percent from $495,000 at the same time last year.

“It remains a strong seller’s market. The inventory shortage continues to be a dominant factor, creating fierce competition in most price points and requiring buyers to act quickly,” GBAR President Melody Skye Roloff said. “Prices continue to rise to new heights month after month but the recent softening in sales doesn’t seem to reflect any measurable drop in buyer demand. Rather, it simply points to an insufficient supply of homes for sale to satisfy those in the market to buy.”

While prices for single-family homes and condominiums grew, the number of sales dipped for both. According to the report, 1,533 single-family homes sold last month compared to 1,605 last year for a decline of 4.5 percent. The number of condo sales dipped 1 percent to 1,147 last month compared to 1,159 in July 2016.

The number of sales might have fallen, but the increased prices illustrate that demand is still high. Roloff said inventory remains low, sparking homes to be sold quickly, often after bidding wars between buyers. Single-family homes spent an average of 43 days on the market last month compared to 56 days in July 2016. Condos sold after an average of 36 days last month compared to 43 days last July.

“Even with this continued short supply, homes are very quickly going under contract this summer, even with the prevalence of bidding wars, buyers remain confident and demand is high,” she said.