Existing home sales jumped in May to their highest increase in almost 10 years, according to a recent report by the National Association of Realtors.
While existing home sales may have jumped, the high demand and lagging home prices caused the median sales prices to also shoot up to an all-time high, according to NAR.
In fact, all regions except for the Midwest saw strong sales increases in May.
Total existing home sales, or completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased by 1.8% to a seasonally adjusted annual rate of 5.53 million in May. This is up from April’s 5.43 million.
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