The increases are "certainly confirmation that the housing market is experiencing a brisk recovery, " he added.
WSJ: US home prices rise 10.9 pct., most since 2006
But the low interest rates and an influx of cash buyers also mean the real estate market is experiencing a brisk recovery.
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Genstrip is already in the market and initial sales are reported to be brisk.
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About 40 homes are listed for sale and the average time a new listing spends on market before snagging a buyer is a relatively brisk 103 days.
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