(CAAR) shows that the median sales price for the region was up 5.1 percent over the same time last year.

The first quarter home sales report also says sellers received 94 percent of original list price at sale, 2.7 points higher than the five-year average for the quarter.

The report also indicates that homes in the $300,000 to $400,000 price range sold fastest, with half of the 80 homes in this segment selling in 34 days or less.

"I think the sellers now are seeing some of their home prices come back up a bit from the downtown of the market. But for buyers, they can be encouraged that there is momentum in the market. And that the home prices will continue to grow as they stay in their homes," said CAAR President Anita Dunbar.

CAAR says many more people are purchasing property in light of high rent prices, and that young people especially are finding that buying saves them quite a bit of money.

The report indicates 493 homes were sold during the first quarter.