The most recent report on statewide home sales from the Massachusetts Association of Realtors (MAR) revealed that the number of homes and condominium units for sale in July set a new record for the lowest number of available listings in any month since at least 2004. As a result, home prices grew again on an annual basis, with the median price of closed sales at $423,250 which was 7.2 percent higher than the figure in July 2017. However, the median price retreated from record highs seen in June, when that number was $430,000.

With 6,153 single-family home sales closed, sales volumes in July were up 3.3 percent annually. Condo sales across the state grew by 1.3 percent over last year as well. But on a monthly basis, single-family sales were down and have now decreased or been flat for 11 of the last 13 months, according to MAR.

The primary factor inhibiting sales volume is most likely the shortage of inventory for sale and subsequent high prices. At the end of the month, MAR reported a single-family home inventory of just three months. With a total sales inventory of 14,332 single-family homes, the figure is more than 15 percent below year-ago levels and marks the 77th of the last 78 months of year-over-year inventory declines.

“It was good to see the number homes that closed in July go up over last year,” said MAR president Rita Coffey. “We just need the number of homes for sale to go up. Prices are near all-time highs and the big question remaining is whether this is sustainable or not. Only time will tell, but the bottom line still remains, we need more housing production.”