Home sales peaked at a record rate unsurpassed over the last eight years as demand lagged behind a seller’s market according to a New York Times report.

The National Association of Realtors released Wednesday that sales of existing homes spiked 3.2 percent this past month at a seasonally adjusted rate of 5.49 million, the most impressive rate since February 2007. Although the number of listings has ticked upward just 0.4 percent, sales have climbed 9.6 percent over the last year. And median home prices rose 6.5 percent over the last year to $236,400, the highest level witnessed by the association.

The market has witnessed more buying power over the course of the recessions healing, with more job growth injected as down payments become less of an issue. Yet, seller’s are still squeamish causing scarcity in inventory resulting in boosting prices.

As optimistic as this sounds, other markets are more tight-fisted. According to a Federal Reserve report this month, in Massachusetts for instance, the condominium market is on life support with barely a two-month inventory, and the pool of real estate agents in the Atlanta Fed region–ranging from Alabama to Florida–said that housing was stagnant or even dipped over the last 12 months.

Perhaps some the buying frenzy results from rumours that the Federal Reserve will hike interest rates from a current nearly flat-line zero rate, motivating buyers to purchase before they’re boxed out. However, the Federal Housing Administration’s fees are insured to keep mortgages at a manageable level.

Also included in the analysis, was that properties were sold within 34 days, the shortest time span since Realtors began eyeing the figure back in May 2011. More traditional buyers have re-entered the market as fewer all-cash, individual investor, and bankruptcy proceedings have slumped. And sales have shown improvement across all national geographic areas.

Nevertheless, the wave will ebb against the scanty inventory in the near future despite low mortgage rates.