Existing Home Sales Set Record in June, 2005; Home Prices Shoot Up at Fastest Pace in Nearly 25 Years.

The National Association of Realtors reported that existing homes were sold at a seasonally adjusted annual rate of 7.33 million units last month, a gain of 2.7 percent from the May sales pace.

The torrid sales pace helped to push the median price of an existing home up to a record of $219,000 last month, a gain of 14.7 percent from the median, or midpoint, for prices a year ago. That was the biggest jump in prices since November 1980.

For June, sales were strong in all regions of the country. Sales in the West rose by 5.5 percent. Sales were up 3.4 percent in the Northeast, 1.9 percent in the Midwest and 1.1 percent in the South.

Full story at AP News.