As temperatures rise in Kamloops midway through the summer, so too are the prices in real estate.

The median home sale price in July – the middle price-point of all the home sales – was $497,500, up more than five per cent compared to the median price in July of last year. Meanwhile, the average price of all homes sold was $419,700, up more than three per cent from 12 months earlier.

“I think one of the reasons we’re seeing those high prices continue is inventory is still near 20-year-low. We are seeing some improvement over last year which also had very low inventory. We certainly continue to see that very strong price factor in Kamloops and it certainly looks like that’s going to continue here,” past president of the Kamloops  and District Real Estate Association, Doren Quinton says.

Of the 294 sales last month, more than 44 per cent of home sales last month were sold in the $300,000-to-$500,000-dollar range. Nearly 15 per cent of sales were between $500,000 and $600,000, the third-busiest category based on prices.