- Associated Press - Tuesday, August 23, 2016

BOSTON (AP) - Two organizations that track the state’s real estate market say a falling number of single-family homes on the market is driving down sales while driving up prices.

The Massachusetts Association of Realtors said Tuesday that the inventory of single-family homes for sale last month was down more than 29 percent from July 2015, while sales were down 14 percent and the median price was up 3.5 percent year over year to $376,500. It was the first time in 14 months that closed sales were down.

The Warren Group reported a nearly 13 percent decrease in sales year over year and a nearly 3 percent jump in the median price to $369,900.

The organizations use slightly different numbers in their calculations.

The condominium market showed similar trends - fewer sales and higher prices.

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