Housing data released by MIBOR today shows a 5.4 percent increase in closed sales for the month of June and an 11.7 percent increase for the quarter ending in June compared to the same time periods one year ago. Pending sales are strong with an 8.1 percent increase in June and 6.4 percent increase for the quarter.

The closed sales pace is off the strong 18.6 percent increase seen in May. Prices continue to rise at a healthy pace as they have all year. Median sales price increased 3.2 percent in June to $163,000 and average sales price increased 5.0 percent to $203,913. For the quarter ending in June, median sales price is up 3.3 percent and average sales price has increased 2.8 percent.

Months of inventory remains tight at 4.0 months.