Existing home sales hit record in May, reports NAR
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 6.8 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.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 6.27 percent in May, up from 5.83 percent in April; it was 5.48 percent in May 2003.