July’s seasonally adjusted annual rate of 739,000 represented a 10.6% jump from June’s upwardly revised rate of 668,000. 

The pace of home sales increased 1.3% from June after months of decreases, the National Association of REALTORS® said.      

The combination of rising inventory and price reductions in Boston and nationwide is creating a more buyer-friendly market.

The National Association of REALTORS® said its Pending Home Sales Index rose 4.8% month over month. 

The median sale prices for both single-family homes and condos reached new all-time highs last month, as low inventory continues to drive up prices.

The record-breaking sales price comes as the pace of transactions slid from April, the National Association of REALTORS® said. 

Boston’s median price per square foot has surged since 2019, marking one of the highest increases in the nation, according to Realtor.com’s May Housing Report. 

The S&P CoreLogic Case-Shiller U.S. National Home Price Index has hit a new record for six of the last 12 months, as demand remains strong in the face of tight inventory.

At the same time, the median price of a new home sold in April declined as well. 

Meanwhile, the median single-family home price reached $610,000, the first time it exceeded $600,000 this year.

New-home construction jumped 5.7% month over month after a soft March, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. 

Sales rose 9.5% from January to a seasonally adjusted annual rate of 4.38 million.

The median existing-home price for all housing types was $379,100, up 5.1% from $360,800 a year before.       

Single-family home sales prices increased in 189 out of 221 metro areas analyzed, with the median single-family price in the country rising 3.5% year over year to $391,700.

Meanwhile, existing home sales dropped as days on market increased.

Living in some of the country’s top cities can get pretty expensive, and Boston is no different.