It was a record-breaking May for the Massachusetts housing market, according new data out Tuesday.
The median price for a single-family home in state jumped 9.2 percent compared with May 2016, to $385,000, the Massachusetts Assn. of Realtors reported. That topped a record of $380,000 set last summer, and signals a market that is revving up as it swings into its busiest time of year. Condo prices grew at a similar clip.
At the same time, the inventory of homes for sale remained historically tight, as many would-be sellers stayed on the sidelines. The number of sales closed dipped 2.3 percent in May, and is up just 0.6 percent for year to date, according to The Warren Group, which also tracks home sales in Massachusetts.
“Low inventory of homes for sale has many industry experts on edge,” said Warren Group chief executive Tim Warren. “Buyers are finding very little choice and are forced to bid aggressively to make a purchase.”
There are signs, however, that relief could be in sight. The Warren Group noted that new condominium projects in and around Boston have been opening at a rapid clip, making condo prices nearly equal to those of traditionally-more-expensive single-family homes, but also giving buyers more options.
In addition, the number of single-family homes to hit the market in May climbed 4 percent, according to MAR — the first increase in a year.
“This is a positive development, and a trend that must continue if we are to meet future housing demands,” said Paul Yorkis, who is president of MAR and also operates Patriot Real Estate in Medway.