May Resales Set Record

Existing-home sales set a new record in May, jumping 2.6% to a seasonally adjusted annual rate of 6.8 million units.Resales rose 15.8% compared with the level of a year earlier, according to sales figures compiled by the National Association of Realtors. Housing economists were expecting May resales to be more modest, in the 6.5-million-unit range. "You have the best of all worlds," said NAR economist David Lereah. "You've got a growing economy that's creating jobs and you've got low interest rates." The NAR says the median sale price of an existing home rose 10.3% (compared with that of a year earlier) to $183,600. The inventory of supply is at 2.38 million units, or 4.2 months. The NAR can be found on the Internet at http://realtor.org.