(WWJ) -- As home prices continue to rise, an interesting trend is also emerging.
The latest report from RealComp out Tuesday morning shows homes are on the market now for an average of only three weeks.
Last year, homes normally stayed on the market for about eight weeks.
That means that home sales are now at an all-time low, because there aren't a lot of homes on the market to sell.
WWJ's Murray Feldman reports that home sales are down more than 19% for residential homes and condominiums in metro Detroit, not because buyers aren't interested, but because there's a shortage of homes for sale.
That's pushing home prices higher, with the average up more than 13%.
In July, homes were selling at a median price of $240,000 -- that's up from $211,000 from a year ago.
While that's great for sellers, Feldman says that the tight market is causing buyers to pay more than what the homes are actually worth, which could result in another housing bubble.
"If home buyers buy something now, and literally pay through the roof, they may find they'll be taking a loss when they try to sell in three to five years when the market stabilizes, as many professionals think it will," Feldman explained. "That would mean a lot of people are underwater on their homes, and you know how that story ends."
Jeff Glover, a realtor with Keller Williams, says despite the recent slowdown, the market continues to be promising for sellers because prices are still going up.
Meanwhile, interest rates are also still very low for buyers.
