A second-quarter sale of an 8,000-square-foot home in the Phillips Academy neighborhood for $3.6 million was the highest resale price for a home ever recorded in Andover.

Advisors Living in Andover said homes in Andover sold for an average of 12 percent above asking price during the three months ended June 30. The average sale price was $1.15 million, up 24.2 percent from the same period a year ago.

Economists expect the hot housing market to cool off, thanks to rising inflation and increased inventory. Realtor.com revised its 2022 inventory projection for Andover to 15 percent, up from just 0.2 percent earlier this year.

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