The increase in sales prices comes with a slight decline in existing home sales nationwide, as homebuyers struggle with declining affordability amid a lack of inventory, forcing some buyers to simply wait it out in hopes of more inventory and less competition.

Home prices are still on the increase and that is not likely to change during the summer months. The Median Sales Price increased 16.1 percent to $342,500 for the month.

April was another strong month for home sales. The busy spring market continues to see many multiple offer situations driving sales prices above asking price.

“A trend of market balance is emerging as we approach the end of 2018.”

“Sales may very well be up next month as the market continues to search for sales balance.”

“Sales were up compared to last year”

“The chatter about housing price bubbles have increased this summer as observers attempt to predict the next shift in the residential real estate market.”

“Buyer competition is frequently manifesting quick sales above asking price.”