Home sales up: it's a seller's game

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KNOXVILLE, Tenn. (WVLT) Home sales are heating up around the country. It's a fresh sight after the housing bubble burst in late 2007.

In this Monday, May 6, 2013, photo, a home is for sale in Mt. Lebanon, Pa. A resurgent housing market, rising home values and steady job gains are helping more U.S. homeowners stay on top of their mortgage payments. The percentage of mortgage holders at least two months behind on their payments fell by 21 percent in the first three months of this year versus the same period in 2012, credit reporting agency TransUnion said Wednesday, May 8, 2013. (AP Photo/Gene J. Puskar)

"We are definitely seeing an increase of home sales in Knoxville, especially in the last 6 months," said Whitney Ray-Dawson of Weichart Realtors. "Fewer homes on the market and just as many, if not more buyers competing for those homes."

The last few months have brought a shift from a buyer's market to a seller's. Historically low interest rates are bringing in buyers while less people are putting homes on the market. Even so, sales continue to climb.

Last year's sales were up nearly 25% from 2011. The first quarter of this year was 15% above last.

Sunday's open houses showed a steady stream of families ready to buy despite a summer downpour.



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