Massachusetts home prices reach milestone as median house price tops $400,000

The number of Plan B’s for prospective home buyers in our fair commonwealth is dwindling: The Massachusetts Association of Realtors reports that the median sales price for a single-family house in Massachusetts topped $400,000 for the first time ever in June.

The figure increased 7.9 percent annually during the month, to $410,000.

At the same time, the median sales price for a condo in Massachusetts increased 3.3 percent from June 2016, to $361,500.

The biggest driver of the jump? An all too familiar reason: Too few homes to meet demand. The state’s inventory of available single-families and condos last month reached its lowest level of any June, in fact, since at least 2004, the Realtors said.

And June is supposed to be one of the busier months in the real estate market.

Things are tight enough in the Boston area. Higher prices rippling ever farther out might mean even more residents heading elsewhere altogether rather than putting up with especially long commutes.

• Massachusetts median home prices cross the $400,000 threshold for the first time [Mass. Realtors]
• Boston’s population growth: Immigrants drive it amid general slowdown [Curbed Boston]