Housing Market is Still on a Tear

In a report issued this week, it stated that existing homes sold at their fastest pace in history last month. The median price for a home also hit a record high. However, many private economists indicated that they believe the housing market is nearing its peak.

In June, existing homes sold at an all time annual high rate of 7.33 million units. This represented an increase of 2.7 percent from the seasonally adjusted sales pace in May, according to a report Monday from the National Association of Realtors.

The strength in sales helped pushed the median price of an existing home to a new record of $219,000, a gain of 14.7 percent from the median, or midpoint, for homes sold a year ago.

Based on this data, it would appear that investing in your home is a slam dunk financial decision.