<h3>By Janet Gresham</h3>
How long can the residential real estate market go on like this?&nbsp;

We are about two years into a national trend of dropping housing supply and increasing median sales prices.&nbsp;

There are some regional variations to the story, but the shift to a predominantly seller's market is mostly complete.&nbsp;

Multiple-offer situations over asking price are commonplace in many communities, and good homes are routinely off the market after a single day. It is evident that a favorable economy keeps hungry buyers in the chase.

For July, New Listings were up 11.5 percent to 262. Pending Sales decreased 5.6 percent to 202. Inventory grew 3.8 percent to 1,012 units.

Prices moved higher as Median Sales Price was up 4.9 percent to $220,750. Days on Market increased 7.9 percent to 82 days. Months Supply of Inventory was up 5.7 percent to 5.6 months, indicating that supply increased relative to demand.&nbsp;

Although the unemployment rate remains unchanged at its favorable national 4.3 percent rate, wage growth has not been rising at the steady clip that would be expected in an improving economy. Sales activity manages to keep churning along despite looming shortages in new construction.&nbsp;

Lower price ranges are starting to feel the effects of the supply and demand gap, as first-time buyers scramble to get offers in at an increasing pace.

<i>Janet Gresham is the CEO of the Beaufort County Association of Realtors and the Beaufort Multiple Listing Service, Inc.</i>