June Home Sales Set Record

Sales of existing homes set a new record this past June. Prices for home sales shot up at the fastest pace in nearly 25 years, with a 2.7% increase over May's numbers.

The median price for homes for sale rose 14.7% over last year.

This strong performance in the homes for sale market was better than analysts had predicted. After some words of caution from the Federal Reserve Board, many had begun to brace themselves for a possible sell-off in the market. Many signs point to potential instability in the homes for sale market, and rising interest rates could begin to cool things off after several years of significant gains.