Existing home sales rose 1% in June from May.

Boosted by strong gains in the Northeast and Midwest, the sale of existing homes climbed to their highest level in nearly five years, the National Assn. of Realtors reported. Existing homes were sold at an annual rate of 3.07 million units in June, which was the highest annual rate since October, 1980, when existing homes were sold at an annual pace of 3.21 million units. Analysts credited the sales boom to a steady decline in interest rates. The median sales price for an existing home climbed 2% in June to $76,500, up from $75,000 in May. The median price means that half of the homes sold for more and half for less.

Cost of Existing Homes in June

Median Price Change National $76,500 +2.0% Northeast 89,800 +14.7% Midwest 60,000 +4.1% South 76,000 +3.5% West 93,100 -2.1%