And next, the big news tonight out of the housing market. Home prices surging up 9. 3%, the biggest jump in seven years.

So is it time to buy? Abc’s chief business and economics correspondent rebecca jarvis spent the day talking to the experts. Right now it is a very competitive market.

Reporter: Two weeks into the hunt for their first home in san diego, and the robinsons can already see it won’t be easy. In just the few homes that we have looked at, they have sold in a few days. Reporter: Today’s study confirms home prices are up, especially in hot markets like phoenix, las vegas, los angeles, san francisco, atlanta, and dallas.

The problem, a nationwide housing shortage. There there are lots of buyers, 25% more this year than last. But the number of homes for sale is actually down.

Most homes are selling within three to five days. Reporter: Some are taking drastic measures, bidding wars are common. It’s a hot property.