According to the National Association of Realtors® strong buyer demand couple with a limited inventory has pushed the national median sales price past its 2006 peak and to a record high of $236,400. This is an increase of 6.5 percent over 2014 and eclipses the previous high of $230,400 set in July 2006.

While prices continue to rise so do existing-home sales which reached the highest pace in over 8 years.

Experts say that strong job growth and an improving economy are the driving forces behind the home buying demand as is the widely held belief that interest rates will rise in the near future.