Housing Market Roaring Back to Life

Existing home sales are selling at the fastest pace in more than three years.
2:09 | 03/21/13

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Transcript for Housing Market Roaring Back to Life
We begin with good news for homeowners. Evidence the housing market is roaring back. Today, we learned that existing homes are selling at a faster pace in this country than any time in the past three years. And sometimes, the sales are taking just a few days. Also home prices are rising, as buyers search and compete for houses in neighborhoods across this country. So, is it time to sell? Abc's steve osunsami starts us off. Reporter: What a turnaround. It only took ten days to sell this beautiful three-bedroom home in the middle of atlanta. There were four offers and it sold for $10,000 above asking. Do you like this house? Reporter: Nathan and christine mayber have been searching for a single-family home in a good school district and say there are no homes to buy. condo they just in four short days. The surprise is the shortage. Really. I think the tables have turned now. Reporter: On the internet, realtors like michael nevile have been screaming about this for months. We honestly have no inventory in the market right now. Reporter: Here's a map of atlanta. Look at all the homes for sale three years ago. And now today. In oakland, the average home selling in just 14 days. In st. Louis, real estate agent kate burmeister is going door to door, begging families in good neighborhoods to sell. Here's some information about the neighborhood. Do you know anybody looking to buy or sell right now? No. Reporter: What type of house are people looking for? You know, it's not necessarily the style. It's the functionality of the space, usually over 2,000 square feet. Three bedrooms, two bath minimum and then some form of an additional flex space. Either a basement or it could be a loft space or just a bonus sun room. Reporter: This is exactly that kind of house directly behind me. The owners put it up for sale on monday and they've already gotten two offers. They could easily get more than they're asking. Diane? All right, steve, this is good news tonight. And a note. Home builders say the top features buyers are looking for are these. Laundry rooms, walk-in pan trips and low utility bills.

This transcript has been automatically generated and may not be 100% accurate.

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