U.S. home sales remain brisk, and strong.

According to the National Association of REALTORS® and its June Existing Home Sales report, more than 5 million homes were sold on a seasonally-adjusted, annualized basis last month as competition for homes remains high.

More than half of homes sold last months were listed for less than 30 days. Buyers have bid home prices up as housing remains a bright sector in the U.S. economy.

Click to skip to today's live mortgage rates.

Existing Home Sales Tally Nears 4-Year High

Each month, the National Association of REALTORS® publishes its Existing Home Sales report, a sales tally of previously-occupied U.S. homes.

In June, 5.08 million homes were sold on a seasonally-adjusted annualized basis, a 15% increase from one year ago and a slight decrease from the month prior when NAR reported 5.14 million homes sold.

There are three reasons why this step backward should not be cause for alarm.

The first reason is that it's been six years since home sales topped 5 million in back-to-back months. This is a benchmark that the market failed to reach even during the tax-credit-fueled years of 2009-2010.

The second reason is that, excluding sales of "distressed homes" from the Existing Home Sales figures, home sales actually rose 2%, noted Trulia's Chief Economist, Jed Kolko. This type of growth in non-distressed home sales is a definite market-positive.

And, third, home supplies remain constricted.

NAR reports just 2.19 million homes for sale nationwide at the end of June, an 8% decrease from one year ago. At the current rate of sales, the entire stock of U.S. homes for sale would be "sold out" before the New Year -- there's just 5.2 months of inventory.

This is a big deal because analysts believe that a 6.0-month supply of homes represents a market in balance between buyers and sellers.When supply dips below six months, sellers gain leverage over buyers which, in turn, can push home prices higher.

Home supply has favored sellers since September 2012. Not surprisingly, home values since last year.

Click for a personalized purchase mortgage rate.

Median "Days On Market" Drops To 37 Days

The Existing Home Sales report revealed more than just strong home sale data -- it also showed that homes are selling much more quickly in 2013 as compared to the two years prior.

The June report showed the median Days on Market for homes sold in June dropped to 37 days. More than half of all homes sold in less than a month.

To put this "speed" in perspective, compare the last three years :

• June 2010 : Median 97 Days on Market 
• June 2011 : Median 70 Days on Market 
• June 2012 : Median 37 Days on Market 

Furthermore, if we remove foreclosure and short sales, the median Days on Market in June drops to thirty-five days. 

Homes sell quickly these days. Purchase-ready purchase appear to have a better chance to going to contract that buyers without a plan or pre-approval letter. This is what happens when the number of buyers outnumbers the sellers.

Get Pre-Approved For A Mortgage Now

For today's home buyers, it's important to be purchase-ready. Homes are selling quickly and home values on are the rise. Furthermore, since late-Spring, each passing month has brought higher mortgage rates which has raised the cost of homeownership. 

Today's home buyers should take a look at all available mortgage options, and secure themselves a pre-approval letter. Lenders provide this service for free, and with no obligation. You can get started online anytime.

See how much home you can afford. Click here to get started today.

Mortgage rates and markets change constantly. Stay 100% current by taking The Mortgage Reports by email each day. Click here to get free email alerts, or subscribe to the RSS feed in your browser.