Existing home sales, or home resales, showed a slight rise in December (2013), which followed a three-month downward spiral. High demand and record low interest rates for mortgage loans combined to breathe life into the tenuous recovery in the real estate market.

According to the National Association of Realtors, or NAR, total sales of previously owned homes last year reached a seven-year high. Sales climbed 1.0 in the aforementioned month, leading to a yearly rate of nearly 5 million units.

There's more good news. Household formation has begun to steadily dig itself out of a multi-decade-long low, brightening the mood and encouraging home builders to take on new projects.

Experts point to the head-to-head battle between escalating prices and relatively weak overall income growth as having the biggest impact on the market, making home buying an unreachable financial goal for a large number of Americans.

Buyers can't buy if sellers aren't selling. It is the lack of properties for sale on the market that's causing prices to rise.