Median home prices in Kamloops set a new record in August, reaching $510,000 for the time time.

That figure is a nine per cent increase from the median sales price in August of 2018.

There was a “big jump” in the number of sales between $600,000 and $700,000 which contributed to the higher median price, according to the Kamloops and District Real Estate Association.

Wendy Runge, president of the KDREA, was asked why there were more sales in that price range.

“Well we are seeing prices creeping up. As you look at our average single-family sale price, it’s still up again. As those prices are all creeping up, we’re getting more homes that are in that price range, which pushes that average price up as they sell.”

The average price for all home sales in Kamloops last month was just over $421,039 –  a 10 per cent jump from 12 months earlier and not far off the record average-sale-price set in February ($422,573).

This is the second time the median price has surpassed the half-million-dollar mark in 2019, and Runge was asked if that will be the new normal here.

“As long as the inventory stays low as it has, I think we’re going to continue to see that pressure on pricing, which overall leads to a higher median sales price,” she says.

“The more important thing to remember is that average single-family home price is $481,000. So that median price can be skewed month-to-month… But we are seeing our average sales of single-family homes consistently going up month over month.”

While the average single family home price was $481,345, the average townhome price sold for$351,573 last month.

Meanwhile there were 294 homes sales last month in Kamloops; Sahali had the highest number of sales with 32 units sold, followed by Brocklehurst at 31 and Westsyde at 23. Most of the home sales, 67, were in the $400,000 to $500,000 range, followed by the $300,000 and $400,000 range with 57 sales and the $500,000 and $600,000 range with 45 sales.