"The National Association of Realtors reported that sales of existing homes came in at an annual pace of 7.33 million homes in June, compared with the revised 7.14 million pace in May. Economists surveyed by Briefing.com had forecast that sales would remain little changed at the 7.15 million pace in June."
One unanticipated effect of the constant talk of a real estate bubble is that it might well be fueling panic sales. People wanting to get into the market to take advantage of some of that appreciation. In this regard this parallels the stock market when capital was flowing into the market even as signs of the collapase were apparent.
"The average housing price, which is typically higher due to the impact of upper-end home sales, was $268,000, again another record, and up 9.4 percent from a year ago and up 4 percent from May."
So prices nationally are continuing to rise as people are treating this market like the latest greatest boom and the huge number of people buying are obviously causing prices to rise.
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