WASHINGTON, May 24 (UPI) -- Persistently low mortgage rates drove up existing U.S. home sales last month to a record 7.18 million.
The National Association of Realtors said Tuesday previously owned home sales hit the record number after a revised rate of 6.87 million the in March, CNN reported.
Economists surveyed by Briefing.com were expecting a sales rate of 6.90 million.
The median price of an existing home climbed to $206,000 nationwide, up nearly 7 percent from March and 15 percent over a year earlier. Half of existing homes sold above the median and half below. Also, the average home price also rose, hitting $255,000, up 3 percent from March and 10 percent from a year earlier.
"A new record is a bit unexpected, but so is the performance of mortgage interest rates which have been lower than forecast," David Lereah, the group's chief economist, said in a statement. "When we look at recent job gains, we see all the positive factors coming together to coincide with a powerful demographic demand for housing."
