The median home price increased to $255,000 even while the inventory of homes for sale increased to 51,013, yet another new record.

May homes sales (5,795 and 77% of May 2006) were up 5% from April. The seasonal drift lower will likely start in June and last through January.

Median home prices for the year will likely peak at May’s $255,000 so the price will easily dip into the $240,000’s by the end of the year.