High prices and low inventory finally got the best of the Greater Boston housing market in July, with home sales in both the single-family and condo markets falling by double digits.

According to the latest analysis from GBAR, single-family sales were down 16.1 percent year-over-year to 1,596, while condo sales dropped 17.4 percent to 1,137. Even pending sales declined, dropping 6.6 percent in the single family market and 6 percent in the condo market.

In comments accompanying the association’s report, GBAR President Andrew Sarno put July’s numbers into perspective.

“Limited inventory and easing of demand from record numbers a year ago has led to this decline, however sales figures remain well above average for the month of July,” Sarno said. “Last year’s record-high was slightly inflated by the slow spring market and we are pleased with the continued activity and consumer confidence we’ve experienced this summer. Frankly, the level of activity we’ve seen is exceptional given where prices are, however we are beginning to see some buyers get priced out at the entry level.”

Inventory and prices in Greater Boston

Unsurprisingly, housing inventory declined yet again in July, with single-family supply falling 23.1 percent to just 2,850 homes and condo inventory fell 23 percent to 1,457. Months supply is now down to 2.4-months for single-family homes and 1.6-months for condos.

Those low inventory levels continue to push up home prices, but July’s increases were relatively minor. In the single-family market, median sale price rose 4.5 percent to $575,000, while in the condo market, prices were up 7.6 percent to $495,000.