The report also shows median sales prices increased 2.1 percent when compared to the same time last year. Additionally, the area’s median days-on-market is at a nine-year low at 33 days.
CAAR says this is a sign that sellers are pricing their homes at value, and that purchasers are purchasing more quickly than they did a year ago.
"The highlights were that first time home buyers stepped up to the plate this quarter, not only locally, but nationally. And a lot of these first time home buyers had felt a little bit apprehensive in the last few years because of the bubble and the bust. Because the economy is improving, the job market is improving and also rents are not inexpensive," said CAAR President Anita Dunbar.
CAAR says home-buyers are feeling more comfortable purchasing with the homes they're purchasing, and also are mindful of the limited supply of real estate out there.
CAAR has a lot of pending sales going into the third quarter, which it says bodes well for the third and final fourth quarter sales report.
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