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 Posted: Tue, May 24 2005, 1:37 pm EDT Post subject: Home sales soar to record |
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Home sales soar to record
Low rates, strong demand, push April rate to 7.2M; median price tops $200,000 for first time.
NEW YORK (CNN/Money) - Existing home sales jumped to record highs last month as persistent low mortgage rates helped keep the real estate market sizzling.
The report from the National Association of Realtors (NAR) helped reignite the long-running debate about whether there's a bubble in the housing market and whether it's about to pop.
The real estate group said sales of previously owned homes rose to an annual rate of 7.18 million in April from a revised 6.87 million rate in March, a number that topped relatively optimistic forecasts on Wall Street. On average, economists surveyed by Briefing.com had predicted a sales pace of 6.90 million, which would have been the third strongest month on record before Tuesday's report.
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