Pending sales have averaged a 22.22 % increase in 2013; active listing inventory has dropped 22.36% this year; Days on Market decreased 22.4% in March, increased 7.8% in April, and then decreased 18% in May; as for foreclosure inventory levels- they have dropped 22.84% this year. The interest rate I receive daily from a lender I frequently use was 3.25% on 12/12/12, 3.625% on May 22, and then 4.375% yesterday. This hard data proves what you are asking: interest rates have started rising in the last 6 months, prices homes are selling faster, and more people are buying. The long term effect of this would be an increase in prices. Hope this helps! (This information is solely based on Georgia MLS data for Camden County, GA only- Rates courtesy of Loansouth Mortgage).