CHARLOTTESVILLE, Va. (CBS19 NEWS) -- The number of home sales across the region dipped for the first quarter of 2022 and median prices continue to climb.

That’s according to the Charlottesville Area Association of REALTORS, which released its Charlottesville-Area Home Sales Report on Wednesday.

The report says there were 177 fewer homes sold in the region compared to the first quarter of 2021, a decline of 17 percent.

Additionally, this was the third consecutive quarter that year-over-year sales have dropped.

A continuing lack of inventory remains to top constraint on the housing market, though that could be changing.

CAAR says the inventory may be “bottoming out” for the area, resulting in changes to market conditions.

The largest change in the number of sales, year-over-year, came from Fluvanna County where they declined by 25 percent for the first quarter of 2022.

In that same time frame, the median price for a home has increased 13 percent over 2021 and mortgage rates have hit an 11-year high.

For the area, the median home sale price is now $389,900, up nearly $45,000 over 2021 and $87,900 more than the first quarter of 2020.

Median prices went up in all of the local markets, with the strongest growth being reported in Fluvanna County where the price went up by 24 percent over 2021.

Louisa County saw the next largest price increase at 22 percent, and Nelson County reports an increase of 17 percent.

Across Virginia, the first quarter median sales price increased by 12 percent to $375,000 compared to 2021.

Over the past two years, median prices have jumped, in some cases, as much as or more than $100,000.

The largest jump was seen in Nelson County, where the median price is now nearly $150,000 higher than in the first quarter of 2020.

In Fluvanna County, the median price has gone up by more than $98,000, while in Louisa County, it’s now nearly $95,000 more than in 2020.

Albemarle County is reporting an increase of more than $87,000 for the median home price over two years ago, while Charlottesville’s is around $75,000 more.

Greene County saw the lowest increase in median prices, though it is still a big jump. Compared to 2020, homes in Greene are selling for $60,000 more now.

The release says mortgage rates have gone up faster in the last few weeks than they have in nearly 30 years.

By the second week of April, the average rate on a 30-year fixed-rate mortgage was five percent. This is the first time in 11 years that rates have been that high, and they will likely continue to increase.

The Federal Reserve has been boosting short-term interest rates in response to inflation, which is at a 40-year high, and it is expected to announce more short-term rate increases this year that could send mortgage rates higher.

However, CAAR says these mortgage rates are still considered "historically low."

The inventory issue may begin to moderate, as the number of permits for the construction of new housing units has hit a 15-year high.

In the Charlottesville metro area, more than 1,300 permits were issued in 2021, the most since the housing boom in 2006.

New residential construction has continued to grow into the first part of 2022, with 286 new construction permits being issued in January and February.

Last year, about two-thirds of all of the new projects were for single-family housing, while more than 70 percent of the permits issued so far this year have been for that type of construction.

The release says that the number of active listings for the region is down compared to the first quarter of 2021, but it’s only down by three percent.

The number of active listings actually increased in Fluvanna, Greene and Louisa counties.

In Fluvanna County, there were 72 active listings at the end of the first quarter, up 350 percent over the first quarter of 2020.

Greene County had 54 active listings, up 69 percent, and Louisa County was up to 99 active listings, an increase of 46 percent.

Active listings were down by at least 30 percent in Albemarle and Nelson counties as well as Charlottesville.

Across the state, active listings are down about 2,000, which is 13 percent lower than the first quarter of 2021.

For the region, the number of active listings remains far below the first quarter of 2020, with several markets seeing less than 50 percent of what was available before the pandemic.

Another statistic that has decreased is the number of days a home sits on the market.

CAAR says homes sold in the Charlottesville area were on the market for an average of 30 days, which is 15 days fewer than last year.

Homes are selling the fastest in Nelson County where the amount of time to sell has dropped by more than a month compared to a year ago.

And homes in Greene County spend the least amount of time waiting to sell, spending just 17 days on the market on average.

To view the entire report in more detail, click here.