August home sales increased year-over-year for the first time in 2018, the Kitchener-Waterloo Association of Realtors reports.

Sales rose 4.8 per cent over last August, with 505 residential properties changing hands.

The average sale price for all properties rose 11.5 per cent to $493,358, compared to a year ago, while the median price climbed 10.4 per cent to $458,000. Detached homes sold for an average of $583,564, up 13 per cent; the median detached price rose about 18 per cent to $543,450.

Sales in higher price ranges helped push the average higher, but association president Tony Schmidt said strong demand and low inventory is boosting prices as well.

Realtors listed 670 properties in August, up 12.7 per cent over last year. But available inventory stood at 917 listings at the end of the month, still well below the 10-year average of 1,550.