Sales of existing homes in May roared ahead to set a record-breaking pace, the highest in almost a decade. Increased demand and lagging supply resulted in an all-time high median sales price.
Total existing home sales grew 1.8 percent, according to a report by the National Association of Realtors (NAR). Adjusted seasonally, that translates to an annual rate of 5.53 million single-family homes, townhomes, condominium and co-ops. Sales are up 4.5 percent from May of 2015 and beat the record of 5.79 million set in February 2007.