The residential real estate market continues on the course we have seen in recent months. The past two years have brought on a national trend of low housing supply and rising median prices. There are some regional variations to the story, but the shift to the predominantly seller's market is mostly complete.  In many areas we see multiple offer situations over the asking price and sometimes in one day.  It is evident that a favorable economy keeps hungry buyers in the chase.

Closed Sales were down 0.9 percent to 3,461. Pending Sales increased 5.7 percent to 3,014, and the inventory shrank 15.4 percent to 9,625.

Median Sales Price was up 6.7 percent to $169,500. Percent of Original List Price Received increased 0.6 percent to 96.3%. Absorption Rate was down 20.0 percent to 3.2 months of available inventory.