CHARLOTTESVILLE, Va. (CBS19 NEWS) -- The Charlottesville Area Association of Realtors, or CAAR, has released its report for this year's second quarter, showing that home prices continue on an upward trend.
According to the report, home sales in the area are up 7.5 percent compared to this time last year.
Sales prices have also increased slightly. The median sales price increased 2.1 percent to $348,200 for detached homes and 6.5 percent to $256,741 for attached homes.
Arleen Yobs, president of CAAR, said she hopes the housing market bubble will not burst.
"We're hoping that we don't see a repeat of bubble bursting as we had 10 to 12 years ago," Yobs said. "The baby boomer generation and retirees have taken over the last 10 years or so, but now we're seeing, in the last year or so, the millennial marketplace increasing."
Yobs said the millennial generation is currently the strongest segment of the housing market.
However, the report shows the inventory of homes for sale is down. The inventory has decreased 8.6 percent from this time last year.
Yobs said she is optimistic that there will be more inventory moving into the third quarter of this year.