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Residential real estate activity slowed slightly in June but was otherwise above levels from a year ago.

The number of accepted offers dropped 3.4 percent in June from the previous month, to 2,435, according to the Regional Multiple Listings Service most recent monthly report. That was still 21.7 percent higher than a year ago.

Closed sales were up by both accounts, increasing 7 percent from May and 14.6 percent from 2011 to 2,244 sales. It was the highest number of closed sales since August 2007 when the organization recorded 2,554 closings.

Sales prices were also on the rise. The median sales price increased 3 percent from May and 8.6 percent from 2011 to $242,000. It was the third consecutive month that the median home price has increased in 2012. The average sales price followed the same trend; increasing nearly 1 percent from May and 6 percent from 2011 to $284,100.

The communities of Mt. Hood, Tigard/Wilsonville and Gresham/Troutdale saw the largest percent declines in average sales prices, decreasing respectively: 7 percent to $174,600; 5.1 percent to $282,500; and $3.6 percent to $206,500. The north Portland area saw the steepest price increase, rising 4.4 percent to an averages sales price of $247,700.

The communities with the highest average sales prices were in Lake Oswego/West Linn ($422,500), west Portland ($418,200), and northwest Washington County ($374,800).

There was a 3.9-month supply of homes in June, which means the market scales are tipped in favor of sellers. It is the lowest inventory level since March 2007.