For the nation as a whole, the supply of homes on the market in January was at the lowest point in nearly seven years. Total existing home sales increased 4.3% in January to a seasonally adjusted annual rate of 4.57 million.

Just as we are experiencing more activity locally, nationally there seems to be "strong gains in contract activity in recent months" which shows "buyers are responding to very favorable market conditions" said Lawrence Yun, NAR Chief Economist.

"The national average commitment rate for a 30-year, conventional, fixed-rate mortgage was a record low 3.92 percent in January, down from 3.96 percent in December; the rate was 4.76 percent in January 2011; recordkeeping began in 1971."

This information was provided by the National Association of Realtors. To read more, click here.