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Existing Home Sales/Prices Reach Milestone Highs; 5-year Low in Jumbo Rates; Refis Up; Distressed Becomes Delinquent

Existing Home Sales/Prices Reach Milestone Highs; 5-year Low in Jumbo Rates; Refis Up; Distressed Becomes Delinquent

The median price of an existing home reached an all-time high in May and sales hit their highest pace in nearly a decade . The National Association of Realtors® (NAR) said on Wednesday said completed sales of single-family homes, condominiums, and cooperative apartments rose by 1.8 percent from April to a seasonally adjusted annual rate of 5.53 million units, the highest annual rate since sales set a 5.79 million pace in February 2007. April sales were revised down to 5.43 million from 5.45 million. Despite the increase, sales in May were below what analysts had expected although within the range of 5.35 to 5.68 million. The consensus of those surveyed by Econoday was 5.57 million. Sales rose on a year over year basis by 4.5 percent compared to a year-over-year gain of 6.0 percent in April
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