The National Association of Realtors reported that previously-owned homes sold at an annual pace of 4.92 million homes, 9% higher than this time last year.
Home prices were up 12.3%, taking the median to $173,600. That marked the biggest percentage gain since January 2005.
The price rise is being driven by tight inventories, increased demand from buyers, and a drop in sales of distressed homes, such as those in foreclosure.
There were 1.74 million previously-owned homes on the market , equal to only about a four-month supply at current sales levels. It's the tightest inventory of homes on the market since 1999.
If you are thinking about selling your home, now is a good time to begin your home preparation! Contact me for a complimentary home consultation and expert market advice. I want to ensure you receive the highest possible price for your home!
Coldwell Banker Residential Brokerage