Mortgage interest rates are nearing a 50-year low.
Last month, existing home sales jumped 7.6 percent. The median home price is also up 4 percent over a year ago.
So, what does this mean for people who are looking to buy and those who already own a home?
Mellody Hobson, president of Ariel Investments and "Good Morning America" personal finance contributor, appeared on the show to talk about what all this means for you:
Q: What factors are behind the big jump in sales of existing homes?