For the first time in nearly a year, the average home sold above list price, fueling bidding wars in some markets.

Despite growing sales, rising prices and inventory issues continue to hamper Boston’s real estate market, cooling hopes for a hot summer, according to a Massachusetts Association of REALTORS® (MAR) report.

As more owners continue to hang onto their houses, home values locally and across the nation have reached a new peak, but it comes at a cost.

Despite the declining rate of increase, home prices have risen for the last 136 months, CoreLogic said. 

For the first time in almost 12 months, the average U.S. home is selling above its asking price, as the average sale-to-list price ratio hit 100.1% earlier this month

It’s not just its housing supply that’s showing the Boston market is in peak season, according to the latest RE/MAX National Housing Report.

Massachusetts was No. 3 among all states, with an average of $417 per square foot.

Transactions that do go through are typically seeing multiple offers, NAR Chief Economist Lawrence Yun said. 

A third consecutive month of increases in the S&P CoreLogic Case-Shiller U.S. National Home Price Index lends new evidence to claims that previous declines could be behind the market. 

Demand for newly built homes has remained strong as high interest rates keep many would-be sellers of existing homes off the market. 

At the same time, the median existing-home price for all housing types slid 3.1% year over year to $396,100. 

Boston’s housing market remained competitive last month, despite a slower pace of transactions, according to the Greater Boston Association of REALTORS (GBAR) May housing report.

Motivations for homeownership are varied across generations: Gen Z and Boomers made the decision for better living conditions, while Gen X and Millennials were in search of stability they couldn’t get while renting.

“Paint is a relatively affordable and easy change, yet it has an outsized impact on a buyer’s perception of the home,” said Amanda Pendleton, home trends expert at Zillow.

Massachusetts home prices remained flat in May as sales of both single-family homes and condominiums continued to fall, according to a new Warren Group report. 

Low inventory continued to plague the Bay State’s summer real estate market in May, as new listings and closed sales declined again.