The National Association of Realtors (NAR) reports record home sales!
"Existing single-family home sales rose in May to the highest monthly pace on record, according to the NATIONAL ASSOCIATION OF REALTORS®. Existing-home sales increased 2.6 percent to a seasonally adjusted annual rate of 6.80 million units in May from a level of 6.63 million units in April."
"Last month's sales activity was 15.8 percent above the 5.87-million unit pace in May 2003; the previous record was 6.68 million in September 2003."
"David Lereah, NAR's chief economist, expected the strong performance. "Fundamentals are still very favorable for a vibrant market," he says. "In part, the record results from a natural 'fence-jumping' by buyers getting into the market after mortgage interest rates began to rise at a sharper clip in April. This may be the last peak in home sales for a while and existing-home sales are likely to be slower during the second half of the year. Even so, they will remain at strong levels and 2004 is on track to be a record." "
To read the press release, go here.