The real estate industry is seeing an enormous period of growth in buyer activity, as of last month.

Despite the increased demand for property, prices remain low. If people continue to buy real estate at this rate, however, competition for the best homes at the best prices is sure to grow tight. Better buy now --and quick.

Check out this enlightening, yet painlessly short report I found in the BaltimoreSun yesterday:

"WASHINGTON - The government says new U.S. home sales rose by the largest amount in nearly nine years last month, in another sign the housing market is finally bouncing back from the worst downturn in decades.

"The Commerce Department says sales rose 11 percent in June to a seasonally adjusted annual rate of 384,000, from an upwardly revised May rate of 346,000.

"It was the strongest sales pace since November 2008 and exceeded the forecasts of economists surveyed by Thomson Reuters, who expected a pace of 360,000 units. The last time sales rose so dramatically was in December 2000.

"Sales have risen for three straight months. The median sales price of $206,200, however, was down 12 percent from $234,300 a year earlier" which means many people are taking advantage of the high inventory of foreclosures with low, low prices.

Article courtesy of Baltimore Sun