Sales of existing homes set a new record in June with home prices shooting up at the 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 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 for prices a year ago. That was the biggest jump in prices since November 1980.