Maybe there can be too much of a good thing.

Realtors aren’t about to say that, but today’s hot single-family house market has some wondering if a lack of inventory and rising prices – and if borrowing controls are relaxed – might set the market up for a bust.

“It’s booming,” Phil Slocum of Slocum Real Estate and Insurance said of single-family home sales. “The market is being fueled by a lack of inventory.”

Warwick traditionally leads the state in single-family home sales, and that was the case in May, according to the report released last week by the State-Wide Multiple Listing Service. For the month, 121 Warwick homes sold out of the 986 sold statewide. This compares to a city total of 93 for May 2015 and a statewide total of 836 for May of last year.

In the neighboring Cranston, the number of single-family homes sold for May was down slightly, from 92 in 2015 to 85 this year. The median price was up more than 1 percent to $200,000, and most telling of the demand, the average time a home was on the market before it sold dropped from 81 days in May 2015 to 60 days this year.

According to the Rhode Island Association of Realtors, this May marked the 18th consecutive month of increased year-over-year sales.

“It’s steaming hot,” Robert DeGregorio, also of Slocum, said of the market. He thinks the “shock” of Britain’s vote to leave the European Union, which sent financial markets into a tailspin last week, may momentarily cool the local real estate sales, but not for long. He said there is a strong “AU,” active under contract market for single-family homes that “tells me the market is moving quickly.” He said there is a full month of inventory under AU at this point.

As of Monday, Slocum reported, Warwick had 395 active house listings. He said of the total, 286 are AU, leaving 129 properties on the market. Slocum said the active Warwick housing listings have declined steadily. He said a “balanced” Warwick market would have 600 to 700 active listings.

Statewide, a home was on the market for an average of 78 days in May as compared to 85 for the same period in 2015. Warwick homes moved even faster. The day on market average for the city was 67 days, down from 74 in May 2015.

“Realtors are busy. It’s been a while since we’ve seen this level of sustained activity,” Arthur Yatsko, president of the Rhode Island Association of Realtors said in a release.

Yatsko said, “Buyers are tapping into the lowest interest rates in three years and homeowners who were not in a position to sell before, are now able to do so. Even people who lost their home due to job loss or some other financial issue during the recession, are now able to get back into the market again. Consumers on both sides of the transaction are seeing the value in making a move.”

Home prices are pushing up along with the increase in demand. The statewide median price of $239,000 is 5.05 percent higher than last May. In Warwick the median price increased from $175,222 to $190,000, up 8.25 percent.

DeGegorio said Warwick homes selling under $250,000 are especially in demand, although houses in the range of $400,000 and higher are also moving. He has seen some bidding wars where anxious buyers have pushes prices above initial offers.

“Some people are having to make decisions in 15 minutes of a showing. A lot of time they’re too late,” he said.

“It’s typically strong at this time of year, but it is truly hyperactive at this time,” he said. He feels a number of programs, such as the renewed home program, along with low mortgage interest rates, have helped push the market. Generally, he said, today’s single-family home prices have exceeded valuations assigned properties in the full citywide revaluation completed as of Dec. 31, 2015.

“The revaluation was completed before the market surge,” he said.

Asked how quickly he has seen properties sell, Slocum related how a Coventry home listed for $225,000 came on the market last Friday morning.

“By Saturday there were five offers,” he said.

Slocum advised sellers and buyers to use the help of professionals and to be patient.

As for where the buyers are coming from, seeing the state is not experiencing a jobs boom or dramatic influx of population, Slocum believes many people who have “been on the sidelines unwilling to make a move” are now in a “positive equity position” where their properties are worth more than what they owed on their mortgage. Also, he feels first-time buyers programs and other incentives are having a positive impact.

“It’s really, really happening,” he said.

Slocum isn’t fearful of a bust.

“Lending standards are back to where they should be,” he said.

Yatso also puts a positive spin on the market.

“Overall we’re looking at positive trends. We’re continuing to see foreclosures and short sales move out of the market, as well as brisk sales of all property types,” he said.