The residential real estate market is on track for its best year since the peak of the housing bubble in 2006, notes realtor.com® Chief Economist Jonathan Smoke. But as Smoke is quick to point out, this time it's not a housing bubble. That's because job growth is fueling the most recent climb in demand for homes.

As job growth increases, demand has followed. Homes are selling more quickly and median home prices are rising nationwide.

The Roanoke Valley MLS recently released its May home sales statistics, which reflect 456 homes closed in May -- the highest number of May closings since May, 2006. Click here for the May home sales statistics, including a four-year comparison.

The National Association of REALTORS applauds the Consumer Financial Protection Bureau's announcement of a two-month delay for implementation of the new Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure (TRID) regulation, which will affect the loan application and settlement process.

In a statement from NAR President Chris Polychron, "The action announced by the CFPB is a welcome step.  NAR has long advocated the need to avoid implementing the new regulation during the peak summer selling season. NAR appreciates the CFPB's extension to October 1, 2015 as well as the earlier 'sensitivity' they offered to companies making a good-faith effort to comply with the new TRID regulation."