Monthly sales of pre-owned residential properties rose. Record prices are being paid for existing homes as properties fly off the market. Time on market was a record low.

On a preliminary basis, there were 555,000 existing single-family homes, townhomes, condominiums and co-operatives sold during May.

That was greater than the revised 447,000 in the preceding month and the single best month for existing home sales since June 2016’s volume of 582,000.

Source: Mortgage Daily