Boston is seeing an unprecedented surge in sales, a sign that the city is enjoying its second summer of bumper growth.
A new survey from the Greater Boston Association of Realtors shows the number of home sales in the city jumped 13.5 percent in May from a year earlier to reach an all-time high of 3,826,074, according to a news release from the group.
Banks also reported record sales, with more than $7.6 billion in new lending last month.
The city’s total of $17.2 billion of real estate-related loans in May was the highest since November 2010.
There were 6,813 mortgage applications for all types of loans in the region, the biggest monthly total since May 2015.
New lending in Boston has surged nearly 30 percent over the past year, driven by the rising cost of borrowing and new lending opportunities in Boston.
About 2.2 million borrowers in the Greater Massachusetts Bank Association’s National Mortgage Market Analysis Report for the quarter ended March 31 totaled $1.1 trillion, up 9.5 percentage points from the year-ago quarter.
The increase in new loans has fueled growth in the national mortgage market, with the average rate of new loan originations increasing 8.9 percent over last year, the report said.
With the average credit score rising to 660, the average loan amount for the average borrower is now $3,000, the highest level since April 2017.
Homeownership rates in Boston increased 7.2 percentage points to 64.7 percent in the quarter, compared to 62.3 percent a year ago.
The number of mortgages in Boston grew by 11.4 percent over May from the same quarter a year before, the release said.
The median price of a home in Boston rose 3.2 percent over that period, while the median price for a condo jumped 11.2 in May.
The average price of an existing home in the Boston metro area was $3.7 million, up 4.7 percentage points over May.