Massachusetts’ strong market for condominium purchase mortgages continued in July, with low interest rates helping to drive volumes of more than $1 billion.

Massachusetts had 2,112 condominium purchase mortgages in July, up 13 percent from 1,868 in July 2020 and up 11 percent from 1,901 for the same month in 2019, according to data from The Warren Group, publisher of Banker & Tradesman.

Mortgage volumes were up even higher, reflecting the effects of higher sale prices. Massachusetts had $1.09 billion in condominium purchase mortgages in July, up 53 percent from July 2019, when volumes were at $713.75 million, and up 40.6 percent compared July 2020, when volumes were at $777.64 million.

Year-to-date through July, the state has seen 12,578 condominium purchase mortgages, up 45 percent compared to the first seven months of 2020, which included the start of the pandemic. Activity this year has also exceeded pre-pandemic levels, with the number of condominium purchases up 20.1 percent compared to January through July of 2019.

Condominium purchase volumes year-to-date through July were at $5.64 billion in Massachusetts, up 44 percent from the same period in 2019, when volumes were at $3.9 billion, and up 65 percent compared to the first seven months of 2020, when volumes were at $3.4 million.

The median year-to-date condominium sale price was $460,000, up 21 percent compared to 2019 and 10.8 percent compared to 2020. The condominium sale price for the month of July was $470,000. Interest rates have remained low in 2021, continuing to offset some of the effects of rising sale prices.

Middlesex and Norfolk counties have seen some of the largest increases year-to-date in the number of condominium mortgages compared to 2019 – up 29 percent and 20 percent, respectively – and volumes. Middlesex County from January through July saw condominium mortgage volumes increase 50 percent from 2019 to $1.75 billion, and Norfolk County has seen year-to-date volumes increase 39.7 percent to $599.2 million.

The number of single-family home purchase mortgages in Massachusetts did slow down in July but remains above both 2019 and 2020 levels year-to-date. Massachusetts had 5,728 single-family purchase mortgages in July, down from 5,836 in 2019 and 6,197 in July 2020. The state year-to-date has seen 30,534 single-family purchase mortgages, up 16 percent over the first seven months of 2020 and 3 percent over the same period in 2019.