The housing market is hotter than ever this month as homebuyer demand continues to rise. In fact, according to CNBC, home sales have jumped nearly nine percent since this time last year—that’s the fastest average sales pace recorded since Redfin began tracking in 2010!

With rising homebuyer competition in housing markets throughout the country, the typical home now only spends an average of 49 days on the market. This is a great sign for homebuilders, who have lately been challenged by increasing regulatory costs and building material prices. With more competition and thus more homebuyers willing to spend more, homebuilder confidence could return to record highs.

In addition to a potential bounce-back for homebuilder confidence, millennial homebuyers are expected to make up a significant portion of buyers this spring season. In fact, according to a recent study conducted by Zillow, about half of the U.S. homebuyers will be younger than 36 throughout the upcoming months.

With the spring season already booming, mortgage applications have spiked over the past two months.

“The pickup from a fairly modest February showing suggests that developers are finding ways to bring new product on line to help supplement otherwise low inventories of existing homes for sale in the U.S.,” reported Lynn Fisher, MBA’s VP of Research and Economics.

Looking at the growing demand and competition along with recent economic growth, April’s housing market has the potential to experience record sales. For more information about this month’s housing market, or to learn more about home financing, contact one of our mortgage specialists today.