Rhode Island's real estate market is showing no signs of slowing down.

The Rhode Island Association of Realtors said Monday that sales of single-family homes were up more than 10 percent in June when compared to the same month a year ago, while median prices jumped more than 12 percent year over year.

The median price of $275,000 is the highest it's been since September 2007.

Association President Brenda Marchwicki says prices are being driven by high demand and lack of inventory, and are not predicated on a speculative market fueled by subprime mortgages as they were in 2006 and 2007.

There were 3,888 houses for sale in Rhode Island in June, down from 4,662 in June of 2016.