Existing Home Sales Set Record In June

MSNBC reports that sales of existing homes in the nation set a record in June with home prices shooting up at the fastest pace in nearly 25 years. The median price of an existing home in the U.S. rose to $219,000, a gain of 14.7% from the median price a year ago.

The performance in June beat experts expectations, who thought that sales last month would be flat. David Lereah, chief economist at The National Association of Realtors, said the boom is being driven by low mortgage rates. More...