After falling for three consecutive months, American home re-sales rose in December. Low mortgage interest rates continue to drive the recovery of the real estate market. The National Association of Realtors reported that sales of existing homes reached 4.87 million units in 2013, the strongest sales figures in seven years. The figures were slightly lower than predicted by economists, but overall a good recovery for the year. Sales slowed somewhat near the end of the year.

A sharp rise in mortgage interest rates and price increases have diminished sales figures somewhat as some home buyers cannot meet the higher prices. However, recent indications point to a rise in household formation, increasing demand and encouraging builders to undertake new projects.

Existing home sales declined slightly in February of 2014, but experts blame severe winter weather for a portion of that decline. Limited inventory of existing homes continue to drive solid growth. As job creation continues to rise slowly, so do home sales. The trends for 2014 may be a modest increase, but should remain steady. The median time on the market for all homes in February was 62 days, down slightly from 67 days in January. Of homes sold in February, 34 percent were on the market for less than 30 days. First-time buyers made up 28 percent of February home sales, an increase from 26 percent in January.