Massachusetts single-family home sales declined in May on a year-over-year basis while the median sale price continued its upward climb, according to a new report from The Warren Group, publisher of Banker & Tradesman.

The median single-family sale price increased 6.5 percent to $394,000 last month, up from $370,000 a year earlier. Year-to-date, the median price rose 5.2 percent to $365,100.

“The Massachusetts median sale price has now increased for 26 consecutive months on a year-over-year basis,” Tim Warren, CEO of The Warren Group, said in a statement. “Given the scale of recent increase in the median sale prices, when paired with a serious lack of inventory, it seems certain that home prices will continue to rise. I wouldn’t be surprised if in the near future the median single-family home price exceeds $400,000 for the first time in history.”

There were 5,288 single-family home sales recorded in Massachusetts in May, a 2.1 percent decrease from May 2017, which also marked the fewest number of sales during the month since May 2016. Year-to-date, 19,294 single-family home sold across Massachusetts, a decline of 2.2 percent from the first five months of 2017.

Condominium sales in May saw increases in both the number of sales and the median sale price. Last month, there were 2,447 condo sales – a 4.5 percent increase from a year earlier and the most sales recorded during the month of May since 2007. The median condo price rose 4.8 percent to $379,000 up from $361,750 a year earlier. Year-to-date, condo sales increased 4.6 percent with 8,872 transactions compared to the same period in 2017, while the median price rose 10.5 percent to $367,500.

“The double-digit price gain among condos on a year-to-date basis is truly impressive,” Warren said. “However, we need to remember that the gain is mostly fueled by a condo boom in the Boston metro area.”