Increasingly out of reach. (Photo by rockcreek)

Home prices in the District rose 4.8 percent in June from the same month last year, and almost 40 percent of the houses sold last month went for more than the listing price, according to Redfin. Not coincidentally, there were the fewest houses on the market since 2012.

A one-bedroom condo in Adams Morgan, for example, got 15 offers and sold for more than 10 percent over the asking price of $329,000, according to one of the company’s agents. Half the properties sold last month went in nine days or less.

Meanwhile, a report by the D.C. Office of Revenue Analysis shows the growing preponderance of homes surpassing the $1 million mark (first reported by the Washington Business Journal).

More than one fifth of all single family homes and 5 percent of condos sold for $1 million or more in May.

(Courtesy of the D.C. Office of Revenue Analysis)

The average price for single family homes that sold in May was $852,00 and $514,000 for condos, according to the report. For the year through May, the median contract for a single family home was $639,000 (up 7.4 percent from the year prior) and $434,000 (up 3.8 percent) for a condo.