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Surging home prices in region help fuel more new listings

The median sales price last month in the Washington region reached its highest level on record for May, according to new data released Monday, presenting further economic evidence that the housing recovery is in full swing here.

Last month, the median sales price in the area reached $424,000, according to the report by RealEstate Business Intelligence (RBI), a subsidiary of the Rockville-based multiple listing service MRIS.

While the rising prices are good for sellers, they could ultimately benefit buyers as well. Inventory has been at historically low levels during the past year, but new listings increased 20 percent from April to May, according to RBI.

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