A recent report from the National Association of Realtors (NAR) indicated that home sales were up markedly during the month of April compared to March. The number of properties sold over that period rose to 4.97 million from 4.94 million, showing that the busy spring buying season is still under way.

However, the study indicates that sales are still not meeting their true potential, as housing stock across the nation continues to be constrained with supply failing to meet demand. 

"The robust housing market recovery is occurring in spite of tight access to credit and limited inventory.  Without these frictions, existing-home sales easily would be well above the 5-million unit pace," Lawrence Yun, NAR chief economist, said in the company's press release.

The group looks at closings on single-family homes, townhomes, condominiums and co-ops when gathering data for the study, noting trends that could indicate a shift from a seller's market to a buyer's, as well as yearly and monthly changes on the national scene. It appears that there were 10 percent more homes sold during April 2013 than during the same period the year before when only 4.93 million closings.

Resale activity in particular was especially robust over the period, as the number of new homes entering the market continues to lag behind already occupied properties.

If you are considering purchasing a previously owned house, make sure you conduct a home inspection before signing to ensure that you aren't making an ill-informed investment into a residence that will only cost you more money in the long run.