The median sale price of previously owned homes rose 7 percent in May compared to the year before, hitting $530,000 as sales picked up slightly, the Greater San Diego Association of Realtors said.

The price of condos and townhomes increased 6 percent, to $348,000. Sales volumes for both types of homes were 3 percent higher than last year, though fewer homes were sold in May than in April. In May, 2,091 single-family homes sold, along with 1,031 condos and townhomes.

Inventory levels are still far lower than what is considered healthy, with only 2.5 months of inventory instead of the desired five to six months. Given the dearth of homes, sales are closing less than 40 days after listing, according to SDAR’s report.

“The market continues to thrive and there are good deals out there, but buyers need to be prepared to act quickly,” SDAR Board President Chris Anderson said.

The most expensive home sold in May was an $11 million, six-bedroom, six-bath home in Del Mar with 4,000 square feet.