Sales of Existing Homes Hit Record as Prices Soar

Climbing up Half DomeToday’s NY Times discusses how existing home prices are continuing to soar:

Sales of existing homes swelled to a record in April, rising 4.5 percent, and selling prices climbed at the fastest rate in almost 25 years, the National Association of Realtors reported today, defying predictions of a slowdown and adding to some analysts’ concerns about an overheated market.

While the article is based on national data, the same scenario is playing out locally here in Seattle. Homes that I would have put on the market for only $400K just a few months ago, are easily selling for $430K or more.