Home prices in Massachusetts continued their upward climb in September, according to new figures out Tuesday.
The median price for a single-family home in the state climbed 3 percent in September compared to the year prior, hitting $340,000, according to The Warren Group. Condo prices have surged 11.7 percent, to $335,000, reflecting a spate of sales of new high-end units in Boston.
More homes are selling, too, with the volume of closed sales this year running 12.7 percent ahead of last year's clip through September. Warren Group chief executive Timothy Warren predicted that sales could match last year's total of 60,523 statewide, a 10-year high.
Still, some market-watchers note that inventory is growing tighter.
In a separate report also released Tuesday, the Massachusetts Assn. of Realtors noted that the number of homes on the market has fallen 31 percent compared to last year. New listings have fallen, and the average home is selling two weeks faster. That tight supply could crimp the market, said Annie Blatz, a Brewster-based agent whose president of MAR.
"Inventory plummeted yet again in September, this time to lows we haven't seen since the winter of 2015," said Blatz. "So far, buyers have been able to accommodate increasing prices, but the lack of homes for sale could start pricing buyers out of the market."