After taking a breather in July, the median price per square foot
rose again in August:

That’s a monthly rise of 2.0%for detached homes, .4% for condos, and
1.6% in aggregate.  Since January, which was the lowest point
for prices by this measure since early 2009, the median price per
square foot is up 10.6% for detached homes, 8.5% for condos, and
10.1% in aggregate.

While inventory did finally increase a bit last month, for the first
time in over a year…

…the exceedingly low level of months-of-supply (which foreshadowed
this recent price rise) has not abated:

We are now entering the weaker part of the year, seasonally
speaking, so we’ll see what happens.  But based on the strong
historical relationship between months of inventory and price
changes…

…this suggests further price strength or at least a lack of
weakness immediately ahead, unless inventory rises or demand drops
to a sufficient degree to bring that months-of-inventory figure
down.

More chart fun below…