Short supply in available houses.
The median single-family home price went up more than 32% from May 2011 to May 2012. It went from $111,000 up to $147,000. At the same time, the median townhouse/condo price soared 37.3 percent, from $69,900 to $96,000.
However, a new report from the W.P. Carey School of Business at ASU the number of completed foreclosures of single-family homes and condos combined went up 18 percent from April to May.
Also, the amount of overall sales activity is down, due to the short supply. The number of single-family home sales fell 5.8 percent compared to last May. But new-home sales are up 57 percent over last May, as buyers look for alternatives to the intense competition for existing homes under $250,000.