By Colin A. Young, State House News Service

The median home price in Massachusetts hit its highest mark ever for the month of May and analysts say the steady rise in price stems from low inventory, a seemingly chronic issue in the state's housing market.

The Warren Group reported Tuesday that the median sale price of a single-family home in May increased 6.9 percent to $370,000, the 14th consecutive month with a year-over-year increase.

There were 5,396 single-family Massachusetts homes sold in May, a 1.5 percent increase over May 2016 and the highest total for May since 2004, according to the Warren Group.

"Though single-family sales are on the rise, they're not rising as swiftly as the median price, which smashed the previous record of $352,500 from May 2005," Timothy Warren, CEO of the Warren Group, said in a statement. "Low inventory of homes for sale has many industry experts on edge. Buyers are finding very little choice and are forced to bid aggressively to make a purchase."

Through May of this year, single-family home sales are up 0.6 percent compared to the first five months of 2016, while the median price is up 6.8 percent, the Warren Group said.

The median condo sale price also hit its high mark for the month of May last month, climbing 8 percent to hit $361,750, according to the Warren Group. Condo sales increased 9 percent last month, with 2,430 units sold.

"As prices continue to climb at a dizzy pace, condos are an increasingly viable – and desirable –option for many first-time buyers," Warren Group Editorial and Media Relations Director Cassidy Murphy said in a statement. "But with a median price within $10,000 of the single-family median, condos may not be an affordable option for much longer."

The median sale price of homes sold in Massachusetts last month hit its highest point in 10 years. The Warren Group reported Tuesday morning that the median sale price was $335,000 in March, up 6.5 percent from $315,000 in March 2016.

Higher prices didn't curtail activity. The 3,943 single-family homes sold in March represented the highest total since 4,158 home sales were recorded in March 2006. The median home sale price in March 2007, just before the Great Recession, was $340,000.

The Warren Group reported that single-family home sales were up 2.2 percent in the first quarter compared to the same period in 2016, while the median price was up 7.2 percent. Year-to-date condo sales are up 11.8 percent compared to the same period in 2016, while the median price was up 8.5 percent.

"As the spring market ramps up, we're going to see these numbers climb, likely to levels at or even above those of the mid-2000s," Timothy Warren, CEO of The Warren Group, said in a statement.