Depending on whom you ask, the state’s real estate market is either incredibly healthy or we’re in the middle of a housing crisis.

It’s all a matter of perspective. People who are considering selling will like what the latest numbers show — a record high statewide median price for June. For buyers, however, it was another month during which the low number of properties on the market fueled heated competition and bidding wars.

Last month, traditionally one of the year’s busiest for real estate activity, marked the 64th time in the last 65 months that the inventory of single-family homes went down compared with the same month the year before, according to the Massachusetts Association of Realtors.

There were about 14,000 homes for sale last month, the lowest level for June since at least 2004, the realtors’ group reported. At the same time, the number of closed sales in June dropped 4.8 percent.

“It’s an inventory crisis,’’ said Paul Yorkis, who is the group’s president and also operates Patriot Real Estate in Medway. “And instead of it getting better, it’s getting worse, because there’s no housing production. It’s way off in terms of demand.’’

That demand continues to drive up prices. The realtors’ group reported that the median price for a single-family home rose 7.9 percent compared with June 2016, reaching $410,000. It’s the first time the median price in the state has exceeded $400,000. The Warren Group, which also tracks home sales in Massachusetts, put the June median price at $395,000.

“The market remains strong,’’ said Warren Group chief executive Tim Warren. “There are a lot of people who want to buy a home. If there was more inventory, there would be more sales.’’

Not unexpectedly, June also was a record-breaking month for prices in the superheated Greater Boston market. Single-family homes reached a median of $615,000, a 5.1 percent increase over June 2016, according to the Greater Boston Association of Realtors, which covers 64 cities and towns.

Although June marked the third straight month that single-family home sales declined in Greater Boston, the 1,907 total was still the second highest number for June (just behind last year’s figure of 1,938).

Skyrocketing prices in communities closest to Boston are forcing more homebuyers to do their house hunting farther from the city, said Guillermo A. Molina Jr., president of the Northeast Association of Realtors and managing partner at Coco, Early & Associates in Haverhill.

“These folks that are coming up here are living in Boston, and this might be their first home,’’ Molina said. “The prices seem to be more affordable in comparison.’’

But it’s getting more difficult for first-time homebuyers to enter the market, as well as for homeowners to downsize.

“It’s the same old song,’’ he said. “But I would say it’s an octave higher in this sense: sales are down, [and] prices are up because there is still an absolutely incredibly high unmet demand for housing across Massachusetts, and it’s at all price points.’’

Statewide, the number of single-family homes for sale in June was 32.4 percent lower compared with the same period last year. As a result, the homes that become available are getting scooped up fast — single-family homes and condos spent about 30 percent fewer days on the market last month than in June 2016. In Greater Boston, single-family homes spent an average 37 days on the market last month, about 25 percent lower than June 2016.

The record rise in prices is what’s most worrisome about this market, Warren said. Median single-family house price increases since 2014 have hovered in the 2 percent range, “so, very slow and modest in the median price — pretty much along the line of what inflation was doing,’’ Warren said.

“This year it’s a 6.3 percent increase in the first six months,’’ he added. “Prices are growing faster than the growth in earnings and wages and earned income, and that really can’t be sustained.’’

But Warren said the market may right itself before the bottom falls out. If inventory continues to be low, it could eventually lead to a slowing or decrease in median prices, he said.

Katheleen Conti can be reached at kconti@globe.com. Follow her on Twitter @GlobeKConti.