[brightcove vid=2181037168001&exp=1465406675&w=300&h=225] According to a January existing-home sales report
by the National Association of REALTORS, sales have risen in almost every region (except in the West due to limited inventory). Home prices continue to steadily improve and total existing-home sales have increased by 4% to a "seasonally adjusted annual rate of 4.92 million in January from a downwardly revised 4.90 million in December, and are 9.1 percent above the 4.51 million-unit pace in January 2012." Existing-home sales are completed transactions that include single-family homes, town homes, condominiums and co-ops. NAR President Gary Thomas states that homes are selling nearly four weeks faster compared to a year ago. Existing-home sales are now higher by 9.1% and reveals a seller's marketing to be developing, but at a steady pace. "We've transitioned into a seller's market in much of the country," says NAR chief economist, Lawrence Yun. And there is plenty of demand but tight inventory plays a huge factor in the market, especially in the West. Freddie Mac recently reported on the national average commitment rate for a 30-year, conventional, fixed-rate mortgage and in it states that it has risen to 3.41% in January, from 3.35% in December. In comparison to last year's numbers, the national average commitment rate was 3.92% in January 2012.