The National Association of Realtors reported that sales of existing homes rose 4.2 percent in May, the biggest increase in six months, to an annual rate of 5.18 million units, the fastest rate since late-2009 when government home buying incentives were in place.
The national median home price rose from $192,800 in April to $208,000 in May, representing an increase of 15.4 percent from a year ago.
It should be interesting to see what happens to the U.S. housing market in the months ahead if bond yields continue to rise (which now seems likely after yesterday’s Fed meeting).
At last check, rising mortgage rates had resulted in a typical mortgage payment buying about ,000 less house as recounted here earlier in the month and this figure is now rising rapidly, along with mortgage rates.
Source: Iacono Research
