National home sales reach highest pace in more than 9 years

Existing-home sales sprang ahead in May to their highest pace in almost a decade, while the uptick in demand amidst lagging supply levels pushed the median sales price to an all-time high, according to the National Association of REALTORS. All major regions except for the Midwest saw strong sales increases last month.Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, grew 1.8 percent to a seasonally adjusted annual rate of 5.53 million in May from a downwardly revised 5.43 million in April. With last month's gain, sales are now up 4.5 percent from May 2015 (5.29 million) and are at their highest annual pace since February 2007 (5.79 million). Learn more here.