Homes sold faster last month than in any February since 2007 as eager buyers met a tight supply of homes for sale, industry figures show.
Homes were on the market for a median of 98 days last month, down from 123 days in February 2011, according to Realtor.com. That means half the homes listed for sale in February were on the market for less than 98 days and half for more than that.
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Commentary from Bob Karp of Karp Properties LLC: While the Sierra Vista & Hereford Arizona real estate markets have not seen this sort of rise in demand, increased sales & prices in areas like California and Phoenix will have a “ripple effect” to our local market. As more people are able to sell their homes, more will choose to relocate. Our market was one of the last to get “hit” by the real estate bust. We will lag behind other areas for our turnaround.